Repsol 1Q Profit Fell Slightly on Tough Downstream Conditions

   By Nathan Allen

Repsol SA's (REP.MC) first-quarter earnings fell slightly on year, largely as a result of tough conditions for its downstream units, the company said Tuesday.

The Spanish energy group said net profit in the first quarter fell to 608 million euros ($678.8 million) from EUR610 million a year earlier.

On an adjusted basis, profit rose 6% to EUR618 million from EUR583 million, the company said, beating a consensus forecast of EUR564 million provided by the company.

Upstream earnings grew thanks to lower exploration costs and the appreciation of the dollar against the euro, Repsol said. However, the company's downstream operations were hit by a milder winter, which weighed on demand for refined products, dragging down the division's earnings by 5%.

At the end of the quarter Repsol's net debt stood at EUR3.69 billion, an increase of EUR247 million, which the company attributed to the acquisition of treasury shares.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 30, 2019 02:28 ET (06:28 GMT)

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