Jul 28 2011 |
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Repsol 2Q Adjusted Net Profit Falls 7.3% On Lower Production
Thursday, Jul 28, 2011
MADRID (Dow Jones)--Spanish oil firm Repsol YPF SA (REP.MC) Thursday posted a 7.3% drop in second-quarter net profit, excluding inventory effects, on lower production in Libya and Argentina.
Operating profit fell 24.2% to EUR1.11 billion from EUR1.47 billion, as higher oil prices overall failed to offset the effects of lower production in Argentina, where worker strikes helped decrease output, and in war-ravaged Libya, where Repsol 's production ceased in early March.
Replacement-cost-adjusted net profit, the figure most closely watched by analysts, fell to EUR485 million from EUR523 million a year earlier. This measure, equivalent to the clean replacement cost of supplies, strips out volatile swings in the value of inventories.
Company Web site: www.repsol.com
(END) Dow Jones Newswires
28-07-11 0648GMT
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