Profits up at French oil firm Total

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The Independent Online

Soaring crude prices have boosted French oil firm Total's third-quarter profits despite a weak dollar.

France's largest company by market value said today that its net profit was 3.3 billion euro (£2.9 billion) in the third quarter, up 17% from the same period last year.

Unrest in Libya, which produces the high-quality crude favoured by European refineries, has sent Brent crude prices up sharply this year.

The company noted that, compared to the third quarter in 2010, Brent prices were nearly 50% higher.

The company said its closely watched adjusted income was $4 billion (£3.5 billion), up 24%.