Repsol: Q3 profit beats consensus
(CercleFinance.com) - On Thursday Spain's leading oil company Repsol reported a symbolic net profit for its third quarter, as the sound performance of its upstream activities helped offset the devastating effects of the Covid-19 pandemic.
Adjusted net profit - which the energy group considers to be a good indicator of its activities - came in at seven million euros, a better-than-expected performance since the consensus was expecting a loss of 15 million euros over the quarter.
By way of comparison, Repsol posted a net loss of 258 million euros in Q2 and a profit of 522 million euros in the third quarter of 2019.
Upstream adjusted net profit was 51 million euros, which more than offset losses at its refining business.
In Madrid, the Repsol share was down 1% at midday, in line with the IBEX index, while the STOXX Europe 600 Oil & Gas index was up over 1.2%, in the wake of Shell's results.
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Adjusted net profit - which the energy group considers to be a good indicator of its activities - came in at seven million euros, a better-than-expected performance since the consensus was expecting a loss of 15 million euros over the quarter.
By way of comparison, Repsol posted a net loss of 258 million euros in Q2 and a profit of 522 million euros in the third quarter of 2019.
Upstream adjusted net profit was 51 million euros, which more than offset losses at its refining business.
In Madrid, the Repsol share was down 1% at midday, in line with the IBEX index, while the STOXX Europe 600 Oil & Gas index was up over 1.2%, in the wake of Shell's results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.