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France's Total says Q1 profit drops 10 pct on refining

Reuters - UK Focus

PARIS, April 30 (Reuters) - French oil major Total (Brussels: FP.BR - news) said first-quarter net adjusted profit fell 10 percent year-on-year to $3.3 billion, dragged down by shrinking margins at its European refineries.

"The impact of sharply lower European refining margins was limited thanks to the implementation of performance improvement plans by the segment," Chief Executive Christophe de Margerie said in a statement on Wednesday.

Total (NYSE: TOT - news) said earlier this month that European refining margins fell to a four-year low in the first quarter.

The economic slowdown has hit European oil demand in the past few years, leaving European refineries operating at overcapacity, with margins shrinking.

Total is publishing its results in U.S. dollars for the first time this quarter. (Reporting by Michel Rose; Editing by James Regan)