By February 25, 2016 0 Comments Read More →

Repsol sinks deep into the red in Q4 after oil price hit

Repsol reports $2.26B loss in Q4 due to a write-down of assets

Repsol

Repsol says without the cost of the write-down, net income would have been 461 million euros.  Repsol photo.

MADRID _ 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 the company’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 per cent 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 per cent at 1.86 billion euros.

Company shares rose 0.8 per cent at 8.6 euros in early Madrid trading.

The Canadian Press

Posted in: Energy Financial

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