Total first-half profit climbs but output cut by Nigerian attacks

0 Comments | AFP, August, 2006

PARIS (AFP) — The French oil major Total has posted a 16.0 percent jump in first-half profit but disappointed the stock market with an 8.6 percent drop in production.

Total, the fourth-biggest oil group in the world, said Thursday net profit increased to 6.74 billion euros (8.6 billion dollars) in the first six months of the year, driven by high oil prices.

Sales rose by 27.0 percent on a 12-month basis to 79.0 billion euros.

Company chairman and chief executive Thierry Desmarest said the oil industry "continued to benefit from favourable market conditions in the second quarter".

Oil prices had continued to rise as a result of strong demand and tight oil production capacity.

"Refining margins recovered, reflecting in particular the strength...