29 February 2012 08:43 [Source: ICIS news]
SINGAPORE (ICIS)--Repsol’s downstream operations reported a fourth-quarter 2011 operating income of €133m ($180m) on an adjusted current cost of supply (CCS) basis, down by 18.9% year on year on the back of weaker margins, the Spanish energy major said on Wednesday.
Earnings from its refining business declined by €116m, the company said in a statement.
The company’s sales of petrochemical products in the fourth quarter fell by 12.6% year on year to 613,000 tonnes, while its sales of oil products declined by 6.2% to 9.26m tonnes, it said.
For the full fiscal year 2011, Repsol’s downstream adjusted current CCS operating income fell by 18.9% to €792m, it said.
The company’s overall net income for 2011 on a CCS basis fell by 55.5% to €1.94bn, while its CCS operating income decreased by 38.6% to €4.37bn, it added.
($1 = €0.74)
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