France's Total sees first quarter profit down 11 percent

PARIS (AFP) — French oil giant Total on Friday reported an 11-percent drop in net adjusted profit to 2.992 billion euros (4.057 billion dollars) from 3.376 billion in the same period last year, and revised downwards its production growth target for this year.

Total blamed the fall in profits on a decrease in oil and gas prices and maintenance shut-downs at refineries.

"The first quarter of 2007 was marked by a six percent drop in the price of Brent (oil) compared to last year," to 58 dollars a barrel and "a big drop of the price of gas in Britain," Total said in a statement.

The adjusted profit measure excludes non-recurring elements and is considered by analysts and the company as a more accurate reflection of performance.

Bottom-line net profit fell 17 percent to 3.049 billion euros.

Sales for the first quarter ...