Repsol ex-YPF Q1 profit rises 12%; petchem sales volume falls 17%

10 May 2012 09:25  [Source: ICIS news]

SINGAPORE (ICIS)--Spain’s Repsol reported on Thursday a 12.4% year-on-year rise in its first-quarter 2012 net profit to €643m ($705m), excluding contributions from YPF, which is in the process of being nationalised by the Argentina government.

Its operating income for the first three months of the year grew 8.7% to €1.33bn, largely on account of better performance from its upstream and liquefied natural gas (LNG) business segments, the company said.

“The improved results are mainly due to the improvement of Repsol’s crude oil and gas realization prices, which increased 15.5% and 12.1%, respectively, as well as the return to normality of activity in Libya and the excellent results achieved by the LNG division,” it said.

Its upstream operations had a 33.5% year-on-year increase in operating profit to €654m, while its LNG segment earnings grew by 37.4% to €158m.

Repsol’s downstream operations, however, recorded a 24.6% decline in operating profit to €332m, as sales volumes of petrochemical products fell by 16.5% to 593,000 tonnes, the company said in a statement.

“Repsol has decided to … present its earnings excluding YPF and Repsol YPF Gas’s contribution during the period following the Argentine Government’s unlawful expropriation of a 51% stake in YPF, decreed on 16 April,” the company said.

Repsol’s stake in Repsol YPF Gas was about 85%.

Including YPF, Repsol said its March-quarter net profit was up 3.5% to €792m, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising 10.5% to €1.93bn.

($1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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