Repsol 3Q Profit Rose on Upstream Business

   By Alberto Delclaux

Repsol SA (REP.MC) said Wednesday that its third-quarter net profit rose 19%, supported by its upstream business.

Net profit at the Spanish energy company was 625 million euros ($710 million) compared with EUR527 million a year earlier, while adjusted net profit rose 11% to EUR588 million. Analysts had expected adjusted net profit of EUR596 million, according to a company-compiled consensus.

The company attributed the improvement to higher oil and gas prices and lower amortization rates at its upstream business. In downstream, adjusted net profit fell due partly to a challenging environment in chemicals and refining, Repsol said.

The company said its debt at the end of the quarter stood at EUR2.30 billion, falling EUR402 million from the end of the second quarter.

"Strong cash flow generation from operating activities more than covered investments, dividends, interest and the share-buyback program during the period," the company said.

Operating profit rose to EUR934 million from EUR653 million a year earlier, Repsol said.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

October 31, 2018 03:44 ET (07:44 GMT)

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