French oil giant Total said yesterday that its second-quarter net profit fell 54% from the figure 12 months earlier to €1.7bn ($2.38bn) as crude prices tumbled.

The results were above analyst forecasts for a quarterly net profit of €1.69bn, as polled by Dow Jones Newswires.

 
And they were largely in line with those of other oil majors which have all been hit by the sharp decline in oil prices since mid-2008.

 
Oil prices hit a record £147 per barrel in July 2008 but then fell steadily before recovering in the past few months to around 65-70 dollars.

 
Total said its production was down 7%, reflecting lower output levels agreed by Opec, and a decline in demand due to the global economic downturn.

 
For the six months to June, net profit fell 45% from the equivalent figure last year to €3.83bn. In the first quarter earnings were down 35%.

 
Oil prices have recovered this year but gas prices have fallen and refinery margins were down sharply as demand has slumped due to the global economic crisis, chief executive Christophe de Margerie said in a statement.

 
First-half capital investment came to €7bn, in line with the level last year while asset sales, mainly Sanofi-Aventis shares, raised 1.14bn euros