Spain's Repsol YPF Q1 adj net profit up

MADRID, May 13 (Reuters) - Spanish oil company Repsol YPF (REP.MC: Quote, Profile, Research) on Tuesday reported a 16.5 percent rise in first quarter adjusted net income to 976 million euros ($1.51 billion) aided by upstream profits due to higher oil prices.

The figures, adjusted to remove non-recurring items, compared to an average forecast of 705 million euros in a Reuters poll of 13 analysts.

Repsol said its adjusted operating profit was 16.7 percent higher at 1.65 billion euros compared to 1.41 billion in the same period last year. (Reporting by Joe Ortiz; Editing by Jason Webb)