Have a look at these two headlines and taglines:Total's record profits stir up French election
Oil giant Total's record profits stirred up France's presidential campaign on Wednesday and the Socialist party said the figures underlined the need for a tax on excess oil profits.
Total profit slips 4.7% on weaker oil prices
Net profit fell to 2.23-billion euros, $2.9-billion, in the October-December period from 2.34-billion euros a year ago, Total said.
What do the Left consider excess profits and how could Total’s profits drop just like that?
According to Wikipedia, in 2005 Total made a profit of $B15.98 on turnover of $B178.38. That's profit of 8.96% of turnover.
ReplyDeleteIn 2006, profit was $B15.33; I don't have the turnover figure, but suspect that the profit as a percentage of turnover is not overly different.
So, it's a modestly profitable very very big company.
Now, what is the problem? And who has it?
Best regards
The left view ALL profit as excess profit. I'm feeling quite profound today James.
ReplyDeleteWhat about Tesco's profit, and other multi-nationals, do they plan the same for them?
ReplyDeleteNigel, it does seem a beat up, doesn't it?
ReplyDeleteUKDP, I agree.
Ellee, that's one I'll have to explore. I have my own feelings about Tesco and its former Chairwoman.