Spain: Repsol Q1 profit up 59 pct helped by production boost

EnergyAssociated Press

Spanish energy company Repsol says it posted a 59 percent increase in net profit in the first quarter thanks largely to exploration and production increases in Britain, Brazil and Libya.

Repsol S.A. said Thursday that profit for the January-March period reached 689 million euros ($752 million) compared with 434 million euros for the same quarter last year.

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The company said adjusted net profit rose 10 percent to 630 million euros. The adjusted profit figure for upstream operations rose to 224 million euros from 17 million euros.

Repsol said its production was up thanks to activity in Britain, resumed operations in Libya and a startup in Brazil.

Shares in Repsol S.A. were almost level at 14.5 euros in morning trading in Madrid.