Spain's Repsol posts profit jump on higher oil prices

29th July 2010, Comments 0 comments

Repsol, the biggest Spanish oil company, said Thursday its net profit in the second quarter jumped 49.8 percent to 650 million euros due to a rise in oil and gas prices.

Analysts polled by Dow Jones Newswires expected a second quarter net profit of 485.8 million euros (631.5 million dollars).

Excluding one-time items and inventories, net profit rose 60 percent from a year earlier to 523 million euros, the company said.

Revenues for the quarter were up 29 percent to 14.74 billion euros.

Net profit for the first six months of the year reached 1.34 billion euros, a 38.9 percent increase over first half 2009.

© 2010 AFP

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