This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Repsol YPF reduce su beneficio un 7,7 por ciento en el primer semestre
Repsol YPF reduces its profit by 7.7 per cent in the first half
02/09/2004
on September 2, 2004
Repsol YPF recorded attributed 1,075 million euro net profit in the first half of the year, representing a reduction of 7.7 per cent on the 1.165 million for the same period of the previous year.
The co-production oil attributed this drop in profit to an increase in the tax rate, which went from 32 per cent to 38 per cent, as well as the appreciation of the euro against the dollar by 11,14%. Without these effects, the company noted that its results would have grown by 13.5 percent, to 1,323 million.
The operating result grew by 2.2 per cent and stood at 2,120 million, while the "cash flow" net amounted to EUR 2,461 million, 0.4 per cent more.
Investments undertaken by the oil in the first half of this year totalled 1,520 million euros, a 28.9 by percent lower from the same period of 2003, because that last year the company bought 20 percent of the reserves of Trinidad and Tobago.
In the area of chemistry, the operating result was 91 million, 18 million less in the first half of 2003, due to lower international margins of the portfolio of Repsol YPF. Total sales of petrochemicals were 1.96 million tonnes, "slightly" lower in the same period of 2003. Investments were 35 million, mainly used in small increases in capacity and improvements in existing units.
More information: www.repsolypf.com
