MADRID (AP) — Spanish energy company Repsol says its second quarter net profits fell 45 percent from the same period of 2011 to €274 million ($332 million), due in the effect of lower oil prices on the value of its inventories.
Repsol S.A. said Thursday this figure does not include earnings at YPF, its former Argentine unit nationalized by the Argentine government in May.
Repsol said that for the first half of the year its profits were down 14.6 percent to €903 million.
It calculated the effect of oil prices on its inventory value at €328 million.
Repsol said that, measured at current cost of supply and excluding the inventory effect, net income for the first half of 2012 rose 3.1 percent to €894 million.
Repsol shares were up about 0.4 percent at €11 in early trading.