Spanish Repsol’s Q3 profit increases 93%
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Spain’s Repsol, the fifth-largest refiner in Europe, announced its financial results for the third quarter. The company’s Q3 profit reached €481 million ($534 million), a recovery from the loss of €221 million in the previous year. This was attributed to the sale of the company’s 10% stake in Gas Natural SDG and decreasing exploration costs. The company saw a one-time gain of €180 million due to the sale of its asset. Repsol’s adjusted profit beat estimates in the July-September period.
For the first nine months of 2016, the company’s net profit increased by 35% to €1.12 billion when compared to the same period last year.
The company’s net current cost of supplies (CCS) profit surged 93% to €307 million from last year and exceeded analysts’ estimates calling for €296 million CCS profit in a survey conducted by Reuters.
Repsol also reported that its net debt declined to under €10 billion ($11 billion) by end-September from €11.7 billion at the end of June following the sale of its share.
For the first nine months of 2016, the company’s net profit increased by 35% to €1.12 billion when compared to the same period last year.
The company’s net current cost of supplies (CCS) profit surged 93% to €307 million from last year and exceeded analysts’ estimates calling for €296 million CCS profit in a survey conducted by Reuters.
Repsol also reported that its net debt declined to under €10 billion ($11 billion) by end-September from €11.7 billion at the end of June following the sale of its share.
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