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Repsol swings to loss in Q3

Repsol SA said its normalized net income for the third quarter amounted to a loss of 5 euro cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

The per-share result swung to a loss from the prior-year profit of 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €66.5 million, compared with income of €304.0 million in the prior-year period.

The normalized profit margin declined to 1.6% from 2.5% in the year-earlier period.

Total revenue fell 16.7% on an annual basis to €10.21 billion from €12.26 billion, and total operating expenses decreased 15.6% year over year to €10.08 billion from €11.95 billion.

Reported net income came to a loss of €228.0 million, or a loss of 16 cents per share, compared with income of €320.0 million, or 23 cents per share, in the year-earlier period.