Total sees revenue rise 10 pct in 1st half

[July 27, 2012]  PARIS (AP) -- French oil giant Total saw its revenue grow 10 percent in the first half of the year but provisions and a strengthening dollar helped push profit down 22 percent.

Despite the weak economy, Total said Friday that its revenue grew to euro100.3 billion ($123 billion) for January to June over the same period last year.

The company said that it is cooperating with an American investigation into gas contracts awarded to Iran in the 1990s and set aside euro316 million in the second quarter in light of that probe. That provision contributed to a fall in net profit to euro5.2 billion.

The company also announced that it would distribute a second-quarter dividend to shareholders of euro0.59 per share, a 3.5 percent increase over last quarter.

That sent shares rising in morning trading on the Paris bourse, where they rose 1.9 percent.

The group warned that refining margins could be hurt in the second half by scheduled work on a refinery in France.

[Associated Press]

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