Repsol 1Q profits down 57.4 percent

Spanish oil company Repsol-YPF said Friday its net profits for the first quarter dropped by 57.4 percent because of lower world oil prices.

Repsol-YPF reported earnings of euro516 million ($689.53 million), compared with euro1.2 billion for the same period last year. The company said the drop was due to a sharp fall in oil prices and the severe world conomic slowdown.

Repsol-YPF profits for 2008 fell 15 percent to euro2.7 billion.

The company's shares were up 2.7 percent at euro15.43 ($20.62) in midday trading in Madrid.

[Source: Forbes, AP, Madrid, 08May09]

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