French Total cuts investment on profit plunge in 2014
Date
2/12/2015 8:14:34 AM
(MENAFN) French oil giant Total announced making drastic cuts in investments after its net profit dropped in 2014 due to a dramatic fall in crude prices, AFP reported.
Total reported a 62 percent fall in net profit to USD4.24 billion last year compared with a year earlier, while revenue dropped 6.0 percent to USD236.12 billion, the group said.
The market-watched net adjusted profit, which excludes volatile elements, fell 10 percent to USD12.84 billion, after oil prices fell dramatically in the second half of 2014, ending the year at USD55 per barrel.
With weaker oil demand and prices, Total plans to cut its investments by more than 10 percent and to reduce its workforce by 2,000 people mainly through a hiring freeze.
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