Total Oil's net profit falls 8%

Europe's third-largest oil company Total Oil said first quarter net profit fell 8% to €1.961bn, compared to the previous year profit , and in line with analyst forecasts.

Europe's third-largest oil company Total Oil said first quarter net profit fell 8% to €1.961bn compared to a year earlier, and in line with analyst forecasts.

The company said conditions in the oil market have been favourable since the start of the second quarter, with oil prices and refining margins at high levels, given the growth in demand and low inventory levels for refined products.

Operating profit fell 9% to €3.564 and first quarter sales fell 2% to €27.86m.

Total is planning to sell its 24.4% stake in Sanofi-Synthelabo SA in the medium term and reiterated its support for the tie-up with Aventis SA.