Repsol's Q1 profit tumbles by a third but better than expected
MADRID, April 25 (Reuters) - Spain's Repsol said on Thursday that first-quarter profit fell by a third - though that was less than expected - hurt by lower gas prices and a weaker performance from its refining and trading businesses.
Quarterly adjusted profit fell to 1.27 billion euros ($1.4 billion), ahead of a company-provided average forecast from analysts of 1.19 billion euros.
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Net profit dropped 13% to 969 million euros.
The company's shares were down 2.4% in morning trade.
In February, Repsol outlined a plan to push ahead with diversifying into renewables from its traditional oil and gas core business.
Like other big oil companies, it has pledged record returns despite a steep decline in profit from all-time highs in 2022, when oil and gas prices soared following Russia's invasion of Ukraine.
Chief Executive Josu Jon Imaz said in a statement that the first quarter's results showed the company's three-year plan is solid.
Its upstream division saw adjusted profit decline 6.8%, also hurt by the sale of its Canadian assets.
In its industrial division, adjusted profit plunged 43% after refining margins returned to more normal levels compared to extremely high levels in the same quarter a year earlier.
($1 = 0.9337 euros)
(Reporting by Pietro Lombardi; Editing by David Latona, Inti Landauro and Edwina Gibbs)