Repsol Profits Beat Forecast

29 July 2009 (Last Updated July 29th, 2009 18:30)

Spanish oil company Repsol said that its second-quarter net profit excluding inventory effects (CCS) reached €265m to beat forecasts. Net profit shrank more than half from the €694m reported a year earlier, as a sharp year-on-year decline in hydrocarbon prices and refining margins hit

Spanish oil company Repsol said that its second-quarter net profit excluding inventory effects (CCS) reached €265m to beat forecasts.

Net profit shrank more than half from the €694m reported a year earlier, as a sharp year-on-year decline in hydrocarbon prices and refining margins hit the company’s upstream and downstream divisions.

An average of forecasts from six analysts saw adjusted clean net profit coming in at €209m, Reuters reported.