Spain’s Repsol’s net profit soars in Q2

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According to a release on the company’s website, Spain’s Repsol announced its financial results for the second quarter. The company’s Q2 net profit rose significantly by 79% to €367 million ($429 million) from €205 million ($240 million) in the same quarter of last year. The company’s net income on CSS basis (Average recurring net profit adjusted for one-off gains and inventory effects) was also up by 44% to €409 million ($580 million) on the back of increasing production in Libya and Brazil, rebound in oil prices as well as weaker financial expenses.

Meanwhile, the company’s net debt decreased to €7.5 billion ($8.7 billion) from the previous quarter’s €8.3 billion ($9.7 billion).