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Repsol turns a Q3 profit on lower costs and asset sale

Associated Press Associated Press 3/11/2016

MADRID — Spanish energy company Repsol posted a third-quarter profit of 481 million euros ($534 million) as opposed to a 221 million-euro loss last year thanks to lower exploration costs and the sale of a stake in Gas Natural.

The company said Thursday that it benefited from a one-off gain of 180 million euros from the sale of a 10 percent stake in Gas Natural SDG. Last year, Repsol suffered in the wake of a slump in oil prices and U.S. asset write-downs.

Repsol S.A. said y its net profit for the first nine months was 1.12 billion euros, up 35 percent from the same period a year ago.

Repsol shares fell 0.7 percent at 12.3 euros in early Madrid trading.

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