Repsol Q1 Profit Down 11.5% - Quick Facts

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(RTTNews.com) - Spanish oil major Repsol S.A. (REPYY.PK) reported that its net income for the first quarter of 2018 declined 11.5% to 610 million euros from 689 million euros in the same period last year, when the company booked an extraordinary effect on the value of oil product inventories held as part of Spain's strategic reserve due to the appreciation in the price of oil.

However, adjusted net income for the quarter was 616 million euros, up 8.1% from 570 million euros in the year-ago period.

EBITDA for the quarter was 1.804 billion euros, down from 1.844 billion euros last year.

Adjusted net income for the Upstream unit, or Exploration and Production, increased by 43% to 320 million euros, due to higher production volumes and efficiency measures implemented in recent years, which have contributed to improve the company's realization prices.

The downstream unit, including refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power, reported adjusted net income of 425 million euros, down from 500 million euros in the year-ago period.

At the Annual General Meeting to be held on May 11, the company's board of directors will propose an increase in shareholder distribution for the year to an equivalent of 0.90 euros per share.

In addition, the Annual General Meeting will vote on a reduction in share capital through the cancellation of the company's own shares by an amount equivalent to the shares to be issued in 2018 through scrip dividends.

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This article appears in: World Markets , Stocks , Economy , Technology , Oil , Earnings
Referenced Symbols: REPYY

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