MADRID (dpa-AFX) - Spanish energy major Repsol S.A. (REPYY.PK) reported Tuesday a first-quarter net loss of 487 million euros, hurt by a negative impact of 790 million euros due to reduced the valuation of inventories following the volatility and decline in international commodities prices.
Adjusted net income was 447 million euros, compared to 618 million euros in the previous year.
The company noted that the result, which specifically measures the performance of its business areas, was achieved in a context of exceptional complexity, marked by a sharp drop in oil and gas prices, and a drastic decrease in demand triggered by Covid-19.
The average price of Brent and WTI crude oils dropped by 21 percent and 17 percent, respectively, from last year.
Further, the company maintained shareholder remuneration of 1 euro/share during 2020, as established in the current Strategic Plan. Accordingly, a remuneration of 0.55 euro/share will be payable in the month of July, once this has been approved by the Annual General Meeting on May 8.
Repsol also said it has adopted a Resilience Plan for 2020 that includes additional reductions of more than 350 million euros in operating expenses and over 1 billion in investments, as well as optimizations of working capital of nearly 800 million. All this, with respect to what was initially budgeted at the start of the year.
In Spain, Repsol shares were trading at 8.25 euros, up 7.59 percent.
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