Repsol sinks deep into the red in Q4 after oil price hit

MADRID – Spanish energy company Repsol says it posted a net loss of 2.06 billion euros ($2.26 billion) in the fourth quarter of 2015 due primarily to a write-down of assets related to the slump in oil prices.

That’s a big change from the same period the year before when Repsol’s loss stood at only 34 million euros.

However, Repsol pointed out Thursday that without the cost of the write-down, net income would have been 24 per cent higher at 461 million euros.

Over the full-year, Repsol said it made a net loss of 1. 23 billion euros after taking 2.96 billion euros in one-off charges. Without those charges, net profit for the year rose 9 per cent at 1.86 billion euros.

Repsol shares rose 0.8 per cent at 8.6 euros in early Madrid trading.