Spain's Repsol downstream operating loss widens to €99m

25 July 2013 08:07  [Source: ICIS news]

SINGAPORE (ICIS)--Repsol’s downstream operating loss widened to €99m ($130m) in the second quarter of this year, weighed partly by the drop in product prices, the Spanish energy major said on Thursday.

Its downstream adjusted current cost of supply (CCS) operating income was down by 28.3% year on year at €147m in the second quarter of this year, the company said in a statement.

“The downturn in naphtha prices and increased sale volumes of petrochemical products have been unable to offset the drop in prices of final products, leading to a decline in margins,” it said.

Repsol’s overall CCS net income was up by 4.2% year on year to €423m in the second quarter.

For the first half of the year, the company’s downstream CCS adjusted operating income was  up by 15% year on year at €330m.

Repsol’s overall CCS net income was down by 13% year on year at €901m in the first six months of 2012.

($1 = €0.76)


By: Nurluqman Suratman



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