Home / Business / France’s Total profit falls 30 percent due to oil price drop
In this Feb.5, 2013 file photo, the logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La Defense business district, west of Paris. The French company said Thursday Feb.11, 2016 that profit adjusted for changes in the value of inventories and one-time items dropped to $2.1 billion from $2.8 billion in the same period a year earlier.(AP Photo/Jacques Brinon, File)
In this Feb.5, 2013 file photo, the logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La Defense business district, west of Paris. The French company said Thursday July 28, 2016 its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.(AP Photo/Jacques Brinon, File)

France’s Total profit falls 30 percent due to oil price drop

PARIS (AP) — French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.

The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier period.

Chairman and CEO Patrick Pouyanne said the company will continue to focus on reducing costs and expects to “surpass the $2.4 billion cost reduction target for this year.”

The company said in its earnings statement that it had been “resilient in a weak environment” but noted that oil prices had recovered somewhat compared with the beginning of 2016. It also confirmed its objective to generate a net $2 billion from the sale of assets over the course of the year.

 

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