12 May 2011 07:48 [Source: ICIS news]
SINGAPORE (ICIS)--Repsol’s downstream adjusted current cost of supply (CCS) operating income in the first quarter of this year rose 16.1% year on year to €216m ($308.6m), the Spanish energy major said on Thursday.
The increase was supported by the recovery of margins and volumes at its chemicals business, it added.
“The €30m increase in CCS adjusted operating income in first quarter 2011 versus the same quarter in 2010 is mainly attributable to the upturn in the chemical business,” the company said in a statement.
Petrochemical sales volumes in the first quarter rose 10.7% year on year to 710,000 tonnes, while oil products sales grew 4.2% to 9.25m tonnes, the company said.
Repsol’s overall net income, on the basis of CCS, for the first quarter of this year rose 13.2% year on year to €628m, while its CCS operating income grew 3.5% to €1.38bn, it added.
($1 = €0.70)
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