Friday July 25, 2014

Q3 profits for Spain's Repsol up 89 per cent on increased production, refining margins

Team Repsol rider Marc Marquez of Spain steers his motorcycle at Montmelo, Spain, June 2, 2012. THE CANADIAN PRESS/AP, Sergio Carmona

MADRID - Spanish energy company Repsol says increased production in Bolivia and Libya, together with improvement in its refining business, helped its third-quarter net profits soar 89 per cent compared to the same period in 2011.

The company said Thursday that net profit adjusted for one-time items and inventory costs reached 496 million ($632 million) July through September, compared to 262 million last year.

Repsol S.A. said the figure does not include earnings at YPF, its former Argentine unit nationalized by the Argentine government.

The company added said that adjusted earnings for the quarter were 1.3 billion, up from 762 million last year when the company included YPF.

Spokesman Kristian Rix said the results showed the company had survived the YPF breakoff well.

Repsol's shares were up 0.2 per cent at 15.19 in morning trading in Madrid.


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