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Repsol reports better-than-expected profits


08:48, November 09, 2012

MADRID, Nov. 8 (Xinhua) -- Spanish oil giants Repsol reported profits of 1.80 billion euros in the first nine months of the year, beating previous forecast, the Spanish National Commission for Market Values (CNMV) confirmed on Thursday.

The company's profits were down 5.5 percent over the same period in 2011 due to a fall in fuel sales and the nationalization of the company YPF, a company in which Repsol had a 58 percent stake, by the government of Argentina.

The economic crisis had an effect on the company's performance in Spain with a 9-percent fall in income from fuel sales, while the production of petroleum rose by 29 percent and that of hydrocarbons by 9 percent.

Repsol's main area of growth was exploration and production, where the group made important new discoveries. It also increased production in Bolivia and the United States.

The company said that putting the YPF nationalization in April to the margins and leaving their effects out of all calculations for 2011 and 2012, it would have made profits of 1.655 billion euros in the first nine months of this year, an increase of 13 percent. (1 euro = 1.273 U.S. dollars)

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