Repsol Net Profit Plunges More Than 40%

By Ana Garcia Ruiz

MADRID--Repsol SA (REP.MC) said Thursday its first-quarter net profit fell by over 40% as falling energy prices hit Spain's largest oil company.

Repsol said net profit in the first quarter was EUR434 million ($498.7 million), 43% down on a year ago.

Repsol said adjusted net profit, which excludes gains or losses in the value of inventories and one-off items, fell 38% to EUR572 million euros in the three months to March from EUR928 million a year earlier.

Repsol has stepped up cost-cutting efforts in recent quarters as the price of oil has tumbled. In February, Repsol lowered its dividend to save cash after reporting a EUR2 billion loss in the fourth quarter of 2015.

Write to Ana Garcia Ruiz at ana.garcia@wsj.com

(END) Dow Jones Newswires

May 05, 2016 02:36 ET (06:36 GMT)

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