Oil company France's Total reported an 8 per cent fall in first-quarter profit today after being stung by the strength of the euro against the dollar.
Total, the world's fourth-ranking oil company, said it made a net profit of €1.96 billion compared with €2.12 billion in the year-ago quarter.
Operating profit fell nine per cent to €3.56 billion on sales of €27.86 billion.
The company at the centre of mounting speculation that it is preparing to buy a 25 per cent stake in Russian oil firm Sibneft.