Spain's Repsol first-quarter net profit ticks up six percent as costs fall

FILE PHOTO: The logo of Spanish energy giant Repsol SA is seen during the opening ceremony of its first gas station in Mexico City, Mexico March 12, 2018. REUTERS/Carlos Jasso - Copyright CARLOS JASSO(Reuters)

By Reuters

Published on 01/05/2019 - 02:08•Updated 25/04/2024 - 23:43

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MADRID (Reuters) - Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as lower oil and gas prices and a production stoppage in Libya were offset by lower costs and a stronger U.S. dollar.

Recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 618 million euros (£534 million) in January-March, compared with 583 million euros at the beginning of 2018.

A forecast drawn from analyst estimates provided by the company had pointed to adjusted net income of 566 million euros.

(Reporting by Isla Binnie; Editing by Paul Day)

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