France-based oil and gas company Total SA (TOT) announced on Friday that its profit for the second quarter increased from last year, due to higher oil prices and robust demand for oil.
The company posted net income, group share, of €4.73 billion, up 39% from €3.41 billion in the prior year quarter.
Net earnings were €2.10 per share, higher than €1.50 per share last year.
Adjusted net income rose to €3.72 billion or €1.65 per share from €3.10 billion or €1.36 per share in the year-ago quarter.
Consolidated net income for the second quarter was €4.88 billion, compared to €3.49 billion last year.
Sales for the second quarter increased to €48.20 billion from €39.09 billion in the same quarter of last year.
Upstream sales rose 48% to €3.09 billion from €2.09 billion, while downstream sales fell 22% to €587 million from €755 million in the preceding year quarter. Chemicals declined 70% to €70 million from €234 million in the previous year quarter.
For the first half of 2008, net income, group share, was €8.33 billion, up 29% from €6.46 billion in the year-ago period.
Earnings per share were €3.72, up from €2.86 last year.
Adjusted net income rose to €6.98 billion or €3.10 per share from €6.09 billion or €2.67 per share in the prior year period.
Consolidated net income grew to €8.58 billion from €6.63 billion in the previous year period.
Sales for the year-to-date period increased 21% to €92.41 billion from €76.14 billion in the preceding year period.
TOT is currently trading at $75.43, down $1.07 or 1.40%.
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