French oil group Total reported the highest annual net profit in French history today of €13.9 billion for 2008 due to record oil prices during the year.
Fourth-quarter net profit, adjusted to exclude inventory changes and other one-time items, dropped to €2.87 billion from €3.11 billion the same time last year.
Changes in inventory valuations to reflect the fall in oil prices meant the group slumped to a net loss without adjustments of €794m for the final quarter from a net profit of €3.6 billion last year, Total said. Sales fell 10% to €38.71 billion from €43.19 billion.
Oil prices have fallen from the historic high of nearly $150 a barrel in mid-2008 to around $40 currently.
