Repsol sinks deep into the red in Q4 after oil price hit
Posted February 25, 2016 6:00 am
MADRID (AP) - Spanish energy company Repsol says it posted a net loss of 2.06 billion euros ($2.26 billion) in the fourth quarter of 2015 due primarily to a write-down of assets related to the slump in oil prices.
That's a big change from the same period the year before when Repsol's loss stood at only 34 million euros.
However, Repsol pointed out Thursday that without the cost of the write-down, net income would have been 24 percent higher at 461 million euros.
Over the full-year, Repsol said it made a net loss of 1. 23 billion euros after taking 2.96 billion euros in one-off charges. Without those charges, net profit for the year rose 9 percent at 1.86 billion euros.
Repsol shares rose 0.8 percent at 8.6 euros in early Madrid trading.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.