|Page (1) of 1 - 02/29/12||email article||print page|
Spain's Repsol says profit for Q4 and year down on Libya war, strikes in Argentina
MADRID (AP) ' Spain's Repsol energy company said Wednesday its fourth quarter profits fell around 29 percent largely due to reduced production because of the Libya war.
The company says adjusted net profit was euro355 million ($478 million) for the October-December period compared with euro499 million for the same quarter the year before.
Repsol YPF SA resumed operations in Libya in October after suspending production of a near capacity 350,000 barrels per day when the Libyan revolt started mid-February. The suspension diminished income by euro220 million ($296 million) in the quarter, compared to the previous year, the company said.
Repsol said production in the north African country is currently at around 300,000 barrels per day.
The company also said strikes at its Argentina operations also dented earnings.
Repsol's shares were down 0.8 percent at euro20.4($27.5) in morning trading in Madrid.