Repsol Profit Hit by Restructuring Costs
July 28 2016 - 3:36AM
Dow Jones News
By Carlos Lopez Perea
MADRID--Repsol SA (REP.MC) said Thursday that second-quarter net
profit fell 30% from a year earlier on restructuring charges as
Spain's largest oil company seeks to cut costs.
Repsol said net profit in the second quarter was 205 million
euros ($226.73 million) compared with EUR292 million a year
earlier. The company booked a EUR346 million restructuring charge
due to staff cutbacks.
The oil producer said net adjusted profit, which excludes gains
or losses in the value of inventories and one-off items, rose 11%
in the second quarter from EUR312 million a year earlier.
Earnings before interest, taxes, depreciation and amortization
fell 2.2% in the second quarter to EUR1.39 billion from a year
earlier.
Repsol's net debt fell year-on-year and quarter-on-quarter to
EUR11.71 billion in the second quarter. Repsol's purchase of
Talisman Energy had swelled the company's debt load.
Repsol has stepped up cost-cutting efforts in recent quarters as
the price of oil has tumbled. In February, it lowered its dividend
to save cash after reporting a EUR2 billion loss in the fourth
quarter of 2015.
-Write to Carlos Lopez Perea at carlos.perea@wsj.com
(END) Dow Jones Newswires
July 28, 2016 03:21 ET (07:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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