Repsol posts record profit for Q1 14/05/2008 00:00

The Spanish oil company reports an increase of 36.5 percent in net income from a year earlier to EUR 1.212 billion.

14 May 2008

MADRID - Leading Spanish oil company Repsol YPF said Tuesday it had booked record quarterly profits in the first three months of the year.

Net income in the quarter climbed 36.5 percent from a year earlier to EUR 1.212 billion, well above forecasts.

The sale of a 14.9-percent stake in its Argentinian unit YPF to the Petersen group and the good performance of its business allowed Repsol to cut its net financial debt by 32.5 percent to EUR 2.357 billion.

Chairman Antonio Brufau told a news conference Repsol plans to start the process of floating a 20-percent stake in YPF this quarter with a view to the shares listing on the Buenos Aires stock exchange before the end of September.

Repsol rules out selling its 30-percent stake in Gas Natural, Spain's largest gas supplier, Brufau said. However "all options" were open to a possible corporate deal involving Gas Natural. There has been speculation of late of a possible tie-up between Gas Natural and Spanish electricity supplier Iberdrola.

A consortium in which Repsol holds a 25-percent stake recently found what is believed to be a massive oilfield in waters off the coast of Brazil. A government official said the Carioca field could have reserves as high as 33 billion barrels of oil. Brufau said he was "optimistic" about the find, with exploration results due out in June.

Repsol will decide in 2009 whether to pursue its interest in an Iranian gas project.

[El Pais / Expatica]