SINGAPORE (ICIS)--Spanish energy major Repsol posted on Thursday a 44% year-on-year drop in its downstream business’ operating profit to €435m ($588m) in the first nine months of this year, partly on the back of poorer refining margins in Europe.
The company’s sales of petrochemical products rose by 8.2% year on year in volumes to 1.81m tonnes, while sales of oil products was up by 4.3% at 32.4m tonnes, the company said in a statement.
“In the downstream unit (refining, marketing, trading, chemicals and liquid petroleum), improved earnings from chemicals and LPG [liquefied petroleum gas] partially offset lower refining margins, amid a weak economic environment in Europe, as well and the decline in sales volumes and margins at forecourts,” the firm said.
The company’s overall current cost of supply net income fell by 17.4% year on year to €1.41bn in January-September this year, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) down by 8.8% at €4.93bn, it added.
($1 = €0.74)