France's Total profit falls 30 per cent due to oil price drop

PARIS – French energy company Total SA says its net income fell 30 per cent 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.