TOTAL STILL EXPECTS 1.5 BILLION FRANC 1986 LOSS

  French oil group Total Cie Francaise des
  Petroles &lt;TPN.PA> is still expecting a 1.5 billion franc
  consolidated net loss, including minority interests, for 1986,
  after taking account of stock losses of 7.5 billion francs, the
  company said in a communique after a board meeting here.
      In late January group president Francois-Xavier Ortoli told
  journalists that the slump in oil prices and the weak dollar
  had caused the stock depreciation, turning a consolidated net
  profit, before losses on stocks, of six billion francs into a
  consolidated net loss of 1.5 billion francs.
      Earlier today Armand Guilbaud, president of Total's
  refining and distribution subsidiary Cie de
  Raffinage-Distribution (CRD) Total France &lt;RAFF.PA>, told
  journalists that 1986 had marked a return to profit for the
  subsidiary before stock depreciation.
      CRD made a net profit before stock depreciation and
  currency factors of 1.95 billion francs last year after a 1.16
  billion loss in 1985.
      But its net loss last year, taking account of that
  depreciation as well as currency fluctuations, was 1.16 billion
  francs after a 1.05 billion loss in 1985.
      In 1986 CRD's sales fell 5.7 pct to 19.7 mln tonnes from
  20.9 mln "due to the growth in imports by independent
  distributors following a relaxation of regulations," Guilbaud
  said.
      The subsidiary is expecting to cut its workforce to 6,000
  this year and 5,000 in 1988 from 6,800 last year, under a job
  reduction scheme which will eventually save the group 600 mln
  francs, he said.
      Concerning business in 1987, he said that "January was a
  good month, but the situation deteriorated in February."
  

