Repsol: posts highest annual profit in eight years
(CercleFinance.com) - Spanish oil company Respsol reported its highest profit in the last eight years on Thursday, boosted by higher oil prices.
This morning the group said that its net income increased 10% to 2.34 billion euros in 2018, while adjusted net income, which specifically measures the performance of the company's businesses, grew by 10% to 2.35 billion euros.
EBITDA rose to 7.513 billion euros, up 12%
The company said that it has benefited from higher oil prices - Brent was 32% higher in 2018 than in 2017 - although oil prices remain far from their historic peaks.
In this context, its upstream unit doubled its earnings to 1.32 billion euros.
This upbeat business performance, along with the sale of its stake in Naturgy Energy, has enabled the group to reduce its net debt by 45% to 3.44 billion euros, compared with 6.27 billion euros at the end of 2017.
Investors, however didn't seem to be impressed - the Madrid-listed shares are currently down 0.7% at 15.15 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
This morning the group said that its net income increased 10% to 2.34 billion euros in 2018, while adjusted net income, which specifically measures the performance of the company's businesses, grew by 10% to 2.35 billion euros.
EBITDA rose to 7.513 billion euros, up 12%
The company said that it has benefited from higher oil prices - Brent was 32% higher in 2018 than in 2017 - although oil prices remain far from their historic peaks.
In this context, its upstream unit doubled its earnings to 1.32 billion euros.
This upbeat business performance, along with the sale of its stake in Naturgy Energy, has enabled the group to reduce its net debt by 45% to 3.44 billion euros, compared with 6.27 billion euros at the end of 2017.
Investors, however didn't seem to be impressed - the Madrid-listed shares are currently down 0.7% at 15.15 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.