Spanish Oil Giant Repsol Swings Back To Profit
Fakhir Rizvi Published November 03, 2016 | 03:40 PM
MADRID, Nov 3, (APP - UrduPoint / Pakistan Point News - 03rd Nov, 2016 ) - Spain's oil giant Repsol said Thursday it swung back to profit in the third quarter as the company reduced costs to adapt to a slump in oil prices which has hit production revenues.
The company posted a net profit of 481 million Euros ($$535 million) in the July-September period, compared to a net loss of 221 million euros in the same year-ago period. The result was higher than forecast by analysts polled by Factset who predicted the company would table a net profit of 308 million euros.
"The efficiency and savings measures implemented by Repsol throughout the year improved earnings and bolstered the company's resilience to the current environment of depressed crude oil and gas prices," the company said in a statement.
Repsol in October 2015 unveiled an ambitious cost-cutting programme outlined in October 2015 which involves slashing billions from capital spending by 2020 and slashing 1,500 jobs by 2018. The company said lower spending on exploration helped it to drastically reduce its loss in its upstream operations to 28 million euros from 395 million euros in the third quarter of 2015 despite the slump in oil and gas prices.
In its downstream operations, which includes refining, earnings fell 42 percent in the third quarter to 395 million euros from a year earlier due to lower margins, the company said.
Related Topics
Recent Stories
UHS to issue MBBS degrees within three months after final result
Aiman Khan granted UAE Golden Visa
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
More Stories From World
-
Ukraine attack drones strike Russia energy sites
9 minutes ago -
UK Rwanda deportation law leaves asylum seekers fearful
18 minutes ago -
More floods expected in China's Pearl River basin: ministry
19 minutes ago -
Water release resumes after partial power outage at Fukushima plant
29 minutes ago -
Spain court says investigating PM's wife for graft
39 minutes ago -
'So hot you can't breathe': Extreme heat hits the Philippines
39 minutes ago
-
Thousands in heatwave-hit Bangladesh pray for rain
39 minutes ago -
China-Pakistan Investment and Trade Symposium held in Qingdao
39 minutes ago -
Escaped army horses bolt through central London
1 hour ago -
China to send fresh crew to Tiangong space station
1 hour ago -
Critics fear Togo reforms leave little room for change in election
2 hours ago -
Victims of China floods race to salvage property
2 hours ago