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Repsol-YPF's fourth-quarter net profit rose 56 percent on asset sales

Repsol-YPF's fourth-quarter net profit rose 56 percent on asset sales

Spanish-Argentine oil major Repsol YPF said Thursday that fourth-quarter net profit jumped 56 percent, driven by gains from asset sales.
Madrid-based Repsol YPF said net profit was euro740 million (US$1.11 billion) for the three months to Dec. 31, compared with euro473 million in the same period a year ago.
Fourth-quarter adjusted net profit _ the company's preferred measure of profitability, excluding minority interests and nonrecurring items _ rose 19 percent to euro650 million (US$977.86 million) from euro547 million.
Repsol said hydrocarbon output in the period fell 11 percent to 982,400 barrels of oil equivalent a day, compared with 1.1 million barrels in the same period of 2006, largely due to contractual modifications pushed by the government of Bolivia and Venezuela and a lower contribution from maturing oil fields in Argentina.
Repsol YPF's quarterly numbers include a euro298 million (US$448.31 million) pretax capital gain from the sale of a 10 percent stake in Spanish oil transportation firm Compania Logistica de Hidrocarburos SA.
Net profit for the year rose 2 percent to euro3.2 billion (US$4.81 billion), compared with euro3.1 billion in the same period a year ago.
Repsol said its hydrocarbon output in 2007 fell 7.9 percent to 1.04 million barrels of oil equivalent a day, compared with 1.13 million barrels in 2006.
Repsol YPF shares fell half a percent to euro22.80 (US$34.30), in line with the wider market.
Shares are down almost 5 percent so far this year, as the company has failed to cheer investors concerned over its declining output and its poor exploration record.


Updated : 2021-05-13 12:28 GMT+08:00