Economy French firm Total’s 3Q profits down

French firm Total’s 3Q profits down

CEO Christophe de Margerie
CEO Christophe de Margerie

French energy firm Total, reeling under the death of its chief in a plane crash, said Wednesday that its net profits had fallen in the third quarter due to a slump in the production of hydrocarbons.

The company’s net profits fell 6 percent between July and September to $3.4 billion, compared to the same quarter last year. Turnover also declined by 2 percent to $60.36 billion, a statement said.

Profit excluding changes in inventories fell by 2 percent to $3.56 billion.

Hydrocarbon production fell 8 percent during the third quarter, partly due to the loss of concessions in the United Arab Emirates.

“The results are better than the last quarter,” said finance director Patrick de La Chevardiere.

Total’s boss Christophe de Margerie died last week when his private jet crashed in Russia.