Spain's Repsol Q1 adjusted profit jumps 74%

 

Spain's Repsol on Thursday posted a 74% rise in Q1 operating profit, adjusted for inventory effects, to EU928 million, boosted by a weaker euro which more than offset the negative impact of low oil prices.

The Spanish oil group, which had already flagged a 4.3% fall in production from the previous quarter and a sharp increase in refining margins to a high of 8.7 dollars per barrel, said net profit dropped 5.7% in the first quarter of the year to EU761 million.

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