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Total's adjusted net operating income in the first quarter of 2011 surged 52%

April 29/2011

(ICIS) -- Total's adjusted net operating income for its chemicals business in the first quarter of 2011 surged 52% year on year to EUR 238 mln (USD 355 mln) on the back of higher demand and margins, the French oil and gas major said on Friday.


Chemical sales for the first quarter rose 21% year on year to EUR 5.1bn, the company said in a statement.


Sales of base chemicals rose 31% to EUR 3.32bn in the first quarter of 2011, from EUR 2.53bn in the same period a year earlier, while revenues from specialty chemicals rose 6% to EUR 1.79bn.


Overall, Totals adjusted net income rose 35% year on year to EUR 3.1bn, as sales climbed 22% to EUR 46bn, the company said.


Looking ahead, Total is looking to invest in improving the energy efficiency and competitiveness of its Normandy plant and to increase its production capacity in South Korea and Qatar, the company added.


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