Repsol climbing stock market after a strong start to the year

MADRID (Reuters) – Spanish oil group Repsol (MC: REP ) grew strongly in the Madrid Stock Exchange Thursday after the release of a quarterly net profit above expectations thanks to lower exploration and production costs and strong performance of its refining business despite lower oil prices.

The action takes 5.69% to 11.43 euros by 11:35, ahead of the Madrid Stock Exchange which takes 1.5% and the sector index in Europe increased by 1.1% at the same time.

Net income for the first quarter, after taking account of exceptional items including related currency effects, stood at 572 million euros, down 38% compared to the same period in 2015 which included a financial gain.

This is well above the expectations of analysts who had forecast adjusted net income between 14 million and 445 million.

The benefit of the group’s refining division rose 4.1% to € 556 million, mainly supported by the increase in gasoline demand and lower taxes in Spain.

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