PARIS/LONDON - French oil major Total posted higher-than-expected first quarter net profits, excluding one-offs and inventory gains, of €3.25bn ($5.03bn) as record oil prices made up for the weak dollar and a drop in refining margins.

The world’s fourth-largest non government-controlled oil group by market value said in a statement on Wednesday that the 9 per cent rise in underlying profits came despite flat oil and gas production in the quarter compared to last year.