Total SA (TOT), an integrated international oil and gas company, Wednesday reported over 35% increase in third-quarter profit, helped by a 24% increase in sales, as all segments of the company reported double-digit sales growth. However, net income (group share) slipped 2% from last year.
The Paris, France-based company reported third-quarter adjusted net income of 4.070 billion euros or 1.81 euros per share, or $6.125 billion or $2.73 per share, an increase from 3.004 billion euros or 1.32 euros per share or $4.127 billion or $1.82 per share announced in the year-ago period.
Adjusted net income for the just concluded quarter excludes the after-tax inventory effect, special items and the Group's equity share of the amortization of intangibles related to the Sanofi-Aventis merger.
Net income (Group share) for the third quarter dropped to 3.050 billion euros from 3.121 billion euros reported last year.
Sales rose to 48.849 billion euros or $73.518 billion from 39.430 billion euros or $54.169 billion reported for the same period in the previous fiscal.
Segment-wise Upstream reported sales of 5.396 billion euros, up from 4.143 billion euros reported last year. For Downstream, sales increased to 38.008 billion euros from last year's 30.430 billion euros. The Chemicals segment reported a sales growth of 12% from last year to 5.431 billion euros from the previous year's 4.856 billion euros.
Among others in the industry, BP Plc (BP) last month posted an 83% surge in third-quarter profit, as sale sand operating revenues improved 45% , helped by strong energy prices.
For Total, third-quarter 2008 Upstream production was 2,231 kboe/d, down 5.1% from last year. Average liquids price rose 51% to $107.8 per barrel, while average gas price increased 67% to $8.05 per Mbtu from the year-ago quarter. During the third quarter, refinery throughput declined 3% from last year.
Cash and cash equivalents as of September 30, 2008 was 13.231 billion euros, while it was 2.812 billion euros as of September 30, 2007. Inventories for the two periods were 15.500 billion euros and 12.580 billion euros, respectively.
For the first nine months, adjusted net income increased to 11.047 billion euros or $16.810 billion or 4.91 euros per share from 9.096 billion euros or $12.228 billion or 3.99 euros per share in the previous year. Sales for the period increased to 141.262 billion euros from 115.567 billion euros in the prior year.
Total will pay 2008 interim dividend of 1.14 euro per share on November 19. This is up 14%, compared to the interim dividend of 2007.
Total also reaffirmed its view of higher oil prices in the medium to long term, supported by a tight supply-demand balance.
TOT closed Tuesday's regular trade at $58, up from the previous close of $54.76, on 3.61 million shares. For the past year, the stock trended in the range of $42.60-$91.34.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.