Repsol Q2 profit down 30 per cent due to restructuring costs

MADRID – Spanish energy company Repsol has posted a net profit drop of 30 per cent in the second quarter compared with the same period last year mainly because of workforce restructuring costs.

Repsol S.A. said Thursday its profits totalled 205 million euros ($225 million) in April through June, against 292 million euros for the period in 2015.

Repsol began stepping up cost-cutting efforts in recent months as the oil prices tumbled.

The company said it had set aside 346 million euros for staff restructuring in the first six months of 2016.

It pointed out that given an environment of depressed crude oil and gas prices, the savings measures had led to positive results for all business units.

Repsol shares fell 0.7 per cent at 11.6 euros in early Madrid trading.