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Total’s net profit plunges 30% in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/07/2016 (16:38)
According to media reports, Total SA announced its financial results for the second quarter today. The company’s net profit in the second quarter witnessed a drop of around 30% on the year to $2.09 billion while the company’s revenue declined 17% to $37.22 billion during the same period.

When adjusted to exclude the effect of inventories and other nonrecurring items, Total’s net profit fell to $2.17 billion from $3.09 billion in the same period of 2015.

The company cited lower revenue from its refining and petrochemical segments as well as weak crude oil markets as the main reasons behind weaker financial results for the quarter.

Total also reported that they are planning to cut cost by more than the $2.4 billion.
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