Spain's Repsol Q1 adjusted profit jumps 74 pct on currency effects

Thu May 7, 2015 2:15am EDT
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MADRID May 7 (Reuters) - Spain's Repsol on Thursday posted a 74 percent rise in first-quarter operating profit, adjusted for inventory effects, to 928 million euros ($1.05 billion), boosted by a weaker euro which more than offset the negative impact of low oil prices.

The Spanish oil group, which had already flagged a 4.3 percent fall in production from the previous quarter and a sharp increase in refining margins to a high of 8.7 dollars per barrel, said net profit dropped 5.7 percent in the first three months of the year to 761 million euros. ($1 = 0.8803 euros) (Reporting by Julien Toyer; Editing by Paul Day)