MADRID – Spanish energy company Repsol says its second quarter net profit nearly doubled following capital gains it made from extricating itself from Argentina’s YPF, which was nationalized in 2012.
Repsol S.A. said Thursday that profit for April through June was 520 million euros ($700 million), up 95 per cent from 267 million euros in the same period in 2013.
The rise was largely due to a gain of some 150 million euros that Repsol reaped following the sale of its last load of YPF shares and Argentine bonds it got in compensation for the nationalization. Repsol owned a majority of YPF before the nationalization.
Excluding one-off items, Repsol’s profit fell 2.7 per cent to 390 million euros. Production interruptions in Libya didn’t help.
Repsol shares rose 1.2 per cent to 18.6 euros in Madrid.