MADRID (Reuters) - Spanish oil major Repsol (MC:REP) on Friday posted an 8 percent year-on-year increase in first quarter adjusted net profit as higher Brent oil prices and increased production offset lower refining margins.
Recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 616 million euros ($737.6 million) in January-March, compared with 570 million euros in the same period of the previous year.
The result was supported by a decrease in financial costs and in line with the expectations of six analysts polled by Reuters, who gave a median forecast of 615 million euros.
($1 = 0.8351 euros)