Declining profit for Repsol e E.on. The Spanish oil group has filed the first quarter with a decrease of 5,7% on an annual basis of the net profit at 761 million euros. The decline in crude oil prices on production activities weighs on Repsol's accounts.
Despite the drop in profits, the result recorded by the Spanish group was much better than analysts' expectations, who had forecast a profit of just over 500 million. Repsol's adjusted net profit grew by 76% year-on-year, to €928 million from €532 million in the same portion in 2014.
As mentioned, the profits of E.on were also down, which closed the first quarter with net income down 15% year-on-year, at 1,01 billion euros. The fall in wholesale electricity prices and the persistent difficulties in the production of fossil hydrocarbons weighed on the performance of the German group. EBITDA was also down, down 9% to 2,83 billion.
