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Repsol’s net profit declines in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 30/07/2015 (15:24)
According to media reports, Spain’s Repsol SA recently announced its financial results for the second quarter of 2015. The company’s net profit dropped 44% from €520 million a year ago to €292 million ($322.6 million) in the second quarter. Adjusted net profit, meanwhile, excluding the effects of shifts in the accounting value of oil inventories as well as other extraordinary charges and gains, fell 20% from €390 million a year ago to €312 million during the April-June period.

The decline in net profit was attributed to weaker crude oil prices. Repsol’s oil pumping and drilling division reported a loss of €48 million in the second quarter, compared with a profit of €145 million in the same period 2014. However, profit in Repsol’s refining and chemical operations soared 171% to €439 million on the year in the April-June period, stemming from improving margins and higher utilization rates.
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