Repsol's downstream operations post 18.9% fall in Q4 earnings

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)

By: Samuel Wong

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