Repsol 1Q Net Profit Falls on Lower Margins

   By Marc Bisbal Arias

Repsol SA (REP.MC) said Friday that its first-quarter net profit fell on year, partly due to lower margins.

Net profit was 610 million euros ($730.7 million) compared with EUR689 million in the year-earlier period. In adjusted terms, net profit was EUR616 million compared with EUR570 million the year earlier and above consensus expectations of EUR596 million, according to a survey provided by the company.

Earnings before interest, taxes, depreciation and amortization slightly fell to EUR1.80 billion from EUR1.84 billion.

Operating income from its upstream business--entailing exploration and production--was EUR555 million compared with EUR335 million the previous year, driven by higher oil-and-gas prices, as well as higher volumes.

Its downstream business--which includes refining, marketing and distribution services--generated operating income of EUR558 million, lower than the EUR663 million in the comparable period. The decline is partly attributed to lower margins and currency effects, Repsol said.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

May 04, 2018 02:43 ET (06:43 GMT)

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