Total and Solvay Post Robust Earnings

Total’s fourth-quarter 2006 net profits for chemicals declined 21%, to €255 million ($331.4 million), on sales up 7%, to €4.6 billion. Net profits increased 49% if deferred tax credits related to Arkema, which Total spun off last year, are excluded from Total’s fourth-quarter 2005 earnings. “European petrochemical margins benefited from a decrease in naphtha prices,” Total says. Solvay reported an 11% increase in fourth-quarter net profits, to €146 million, on sales up 1%, to €2.3 billion. The results “illustrate...

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