Spain's Repsol posts net loss in Q3 on falling prices

AP News
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Posted: Nov 12, 2015 4:13 AM

MADRID (AP) — Spanish energy company Repsol says it posted a net loss in the third quarter owing to the slump in oil prices and U.S. asset write-downs.

Repsol S.A. said Thursday it lost 221 million euros ($237 million) July through September, compared to a profit of 319 million euros for the same period in 2014.

Repsol said the loss was mainly due to falling prices and a 443 million euro one-off write down on the asset value of its U.S. gas and power divisions.

Shares in the company were down 3 percent to 11.8 euros in early morning trading in Madrid.