|Page (1) of 1 - 07/27/12||email article||print page|
French oil giant sees revenue rise 10 percent in first half, but profit drops 22 percent
PARIS (AP) French oil giant Total says its revenue grew 10 percent in the first half of the year but provisions and a strengthening dollar helped push profit down 22 percent.
Despite the weak economy, Total's revenue grew to 100.3 billion ($123 billion) for January to June over the same period last year.
The company said Friday that it is cooperating with an American investigation into gas contracts awarded to Iran in the 1990s and set aside 316 million in the second quarter in light of that probe. That provision contributed to a fall in net profit to 5.2 billion.
The group warned that refining margins will be hurt in the second half by scheduled work on a refinery in France.