REPYY Repsol SA (QX)

(Adds information on adjusted net profit, analysts' comment)

 
   By Anthony Shevlin 
 

Repsol SA (REP.MC) said Thursday that its fourth-quarter net profit fell, citing an inventory effect related to fluctuations in the price of oil.

Net profit at the Spanish energy company was 170 million euros ($193.5 million) compared with EUR538 million a year earlier.

Adjusted net profit in the quarter rose to EUR632 million from EUR588 million a year earlier.

Earnings before interest, taxes, depreciation and amortization came to EUR1.68 billion compared with EUR2.01 billion a year earlier.

Analysts at Bernstein said the main takeaway from the results was the strong performance of downstream.

"It's a beat today driven by the core downstream segment despite a weak macro quarter highlighting the strength of Repsol's refining, lubricant and marketing businesses," Bernstein said.

Repsol said its 2020 strategic objectives are on track.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

February 28, 2019 05:05 ET (10:05 GMT)

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