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Spain's Repsol profits down 44 percent in Q2

Spain's Repsol sees Q2 profit down 44 percent compared to capital gain-boosted figure in 2014

Spain's Repsol profits down 44 percent in Q2

MADRID (AP) -- Spanish energy company Repsol says its second-quarter profit fell by 44 percent compared with the same period last year following a sharp drop in oil prices and given that 2014 profits had been boosted by a one-off capital gain.

Repsol S.A. said Thursday that its net profit for April through June was 292 million euros ($322 million), compared to 520 million euros for the same period in 2014 when it made strong gains on extricating itself from Argentina's YPF, which was nationalized in 2012.

Like other oil companies, Repsol said its earnings have suffered from the nearly 50 percent drop in oil prices over the past year.

Repsol shares were down 1.31 percent to 15.8 euros in early morning trading in Madrid.

Updated : 2021-09-28 10:34 GMT+08:00