MOSCOW (MRC) -- Spanish energy company Repsol says it posted a net loss of 2.06 billion euros (USD2.26 billion) in the fourth quarter of 2015 due primarily to a write-down of assets related to the slump in oil prices, said Abcnews.
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 percent 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 percent at 1.86 billion euros.
Repsol shares rose 0.8 percent at 8.6 euros in early Madrid trading.
As MRC informed earlier, during the first quarter of 2016 (Q1 2016), Repsol will complete the construction work of its new metallocene polyethelene plant at its Tarragona site. Repsol plans to start up the plant and begin production and marketing of this new product during Q2 2016. Throughout the construction phase, the high density polyethylene (HDPE) plant in Tarragona will remain temporarily stopped to allow the safe and efficient execution of all the required activities.
Repsol S.A is an integrated Spanish oil and gas company with operations in 28 countries. The bulk of its assets are located in Spain.