Repsol 3Q Net Income Rises on Better Pricing, Lower Costs
November 03 2017 - 4:11AM
Dow Jones News
By Marc Bisbal Arias
Repsol SA (REP.MC) on Friday said that third-quarter net profit
rose 9.6% on year, helped by higher production and margins, as well
as a better pricing environment and lower costs.
Net profit increased to 527 million euros ($614.6 million) from
EUR481 million, while earnings before interest, taxes, depreciation
and amortization grew to EUR1.61 billion from EUR1.14 billion.
Operating income from its upstream business--entailing
exploration and production--was EUR180 million compared with EUR64
million the previous year.
Its downstream business--which includes refining, marketing and
distribution services--generated operating income of EUR686
million, up from EUR522 million.
The company said that its downstream business results were
boosted partly by higher margins and chemicals sales.
Repsol added that it is continuing with its efforts to reduce
its debt. At the end of the period, net debt stood at EUR6.98
billion, down from EUR10 billion a year earlier.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
November 03, 2017 03:56 ET (07:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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