Total posts 2020 net loss of $7.2bn

PARIS: French energy giant Total reported Tuesday a 2020 net loss of $7.2 billion, compared with a profit of $11.2 billion the previous year, as the coronavirus pandemic slashed demand.

The company, which was to change its name to Total Energies to reflect a move away from fossil fuels, said its adjusted net profit -- which excludes exceptional and one-off items -- plunged 66 percent in 2020 to just over $4.0 billion.