Repsol SA (REP.MC) on Friday said that third-quarter net profit rose 9.6% on year, helped by higher production and margins, as well as a better pricing environment and lower costs.
Net profit increased to 527 million euros ($614.6 million) from EUR481 million, while earnings before interest, taxes, depreciation and amortization grew to EUR1.61 billion from EUR1.14 billion.
Continue Reading Below
Operating income from its upstream business--entailing exploration and production--was EUR180 million compared with EUR64 million the previous year.
Its downstream business--which includes refining, marketing and distribution services--generated operating income of EUR686 million, up from EUR522 million.
The company said that its downstream business results were boosted partly by higher margins and chemicals sales.
Repsol added that it is continuing with its efforts to reduce its debt. At the end of the period, net debt stood at EUR6.98 billion, down from EUR10 billion a year earlier.
Write to Marc Bisbal Arias at email@example.com
(END) Dow Jones Newswires
November 03, 2017 03:56 ET (07:56 GMT)