Free Republic

PARIS (AP) - Total SA said Wednesday that net profit rose 53 percent in the first quarter thanks to higher crude oil prices, strong refining profit margins and the continued recovery of its chemicals unit. The French petroleum company said net profit rose to 3.21 billion euros ($4.13 billion) in the first quarter of 2005, from 2.09 billion euros a year earlier. Both figures were reported under the International Financial Reporting Standards being introduced by many European companies this year. Stripping out one-time charges for restructuring and amortization, adjusted net profit climbed 50 percent to 2.92 billion euros ($3.75 billion)...