May 5, 2020 / 6:27 AM / a month ago

France's Total keeps dividend stable after Q1 net income plunge

PARIS, May 5 (Reuters) - French energy major Total’s kept its dividend stable despite reporting a sharp fall in first-quarter net adjusted profit hit by a plunge in oil prices and the economic slowdown caused by the new coronavirus outbreak.

Total’s net adjusted profit tumbled 35% to $1.78 billion.

“The group is facing exceptional circumstances: the COVID-19 health crisis, which is affecting the world economy and creating major uncertainties, and the oil market crisis, with the sharp drop in oil prices since March,” Chairman and CEO Patrick Pouyanne said.

Reporting by Bate Felix; editing by Jason Neely

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