Repsol reports lower profit gain in third quarter

11th November 2010, Comments 0 comments

The Spanish-Argentine oil group Repsol reported on Thursday a slowdown in momentum in the third quarter, when net earnings rose 16.4 percent from the equivalent figure last year after a gain of 49.8 percent in the second.

Net profit in the period came to 448 million euros (617 million dollars) in the July-September period and 1.786 billion euros in the first nine months, a rise of 32.5 percent.

Operating earnings in the third quarter climbed 16 percent to 1.056 billion euros.

Despite the lower net profit gain in the third quarter, Repsol said in a statement that the trend had been positive in the past six months, supported by a rise in the dollar and healthy crude prices.

© 2010 AFP

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