Petrochemicals Drag Total's Net Income Down

Energy group Total reported a 7% drop in net income in the first quarter of 2012 to €3.7 billion ($4.84 billion) on 11% higher sales at €51.2 billion. Adjusted net operating income from the refining and chemicals segment was €61 million in the first quarter of 2012, a decrease of 77% compared with the first quarter of 2011. The adjusted net operating income, expressed in dollars, decreased by 78% compared with the first quarter of last year. The decrease is mainly due to the strong deterioration of the environment for petrochemicals in Europe and...

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