Repsol profits fall by 26.7% to €1.1Bn
The multinational Spanish fuel company Repsol recorded a profit of €1.1Bn in the first half of 2019, 26.7% down on the same period last year.
The fall was accounted for by an extraordinary receipt which was reflected in the accounts for 2018.
According to a bulletin from the Spanish Market and Securities Commission CNVM, the energy company informed that it had recorded a windfall of €344 millions resulting from the sale of its 20% share in Naturgy, a company operating in the electricity and gas sectors and formerly called Gas Natural Fenosa.
The adjusted profit stood at €1.115Bn, 1.5% down on last year, within the context of low oil prices. The result before taxes, interest, depreciations and amortisations (EBITDA) was €3.7Bn to June, a fall of 2.6% in relation to the like for like period.
Repsol stresses that these “solid results” were achieved within a context of falling oil prices, falling international margins on oil refining and the suspension of production in Libya for almost half of the six month period under analysis.
The multinational, which has many petrol stations in Portugal, stated that it has also reduced its production of hydrocarbons by 3.7% in the first six months of the year, to €697,200 barrels per day.