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Spain's Repsol Q3 profit beats forecasts
November 8, 2012 / 7:12 AM / 5 years ago

Spain's Repsol Q3 profit beats forecasts

MADRID, Nov 8 (Reuters) - Spanish oil major Repsol posted a forecast-beating 89 percent rise in third-quarter adjusted net profit on Thursday, thanks to higher output from Libya and Bolivia and improved refining margins.

Repsol said its net profit adjusted for one-time items and inventory costs (CCS adjusted net) reached 496 million euros ($633 million) in the third quarter, beating a Reuters poll forecast in the 432-495 million euro range.

The figure does not include Repsol’s majority stake in energy company YPF which was taken over by the Argentine government in April.

Repsol’s clean CCS earnings before interest and tax (EBIT), which exclude spcial items and inventory holding effects, were 1.3 billion euros in the third quarter versus a Reuters poll average of 1.1 billion. ($1 = 0.7840 euros) (Reporting By Tracy Rucinski)

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