May 5, 2020 / 6:12 AM / 22 days ago

Sagging oil price shrinks Q1 profit 28% for Spain's Repsol

May 5 (Reuters) - Spain’s Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest in a string of oil and gas firms to reveal deep damage done to their balance sheets by the new coronavirus laying waste to energy demand.

Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralysed industry and travel, erasing appetite for fuel which was further cheapened by a price war between top producers Saudi Arabia and Russia.

Adjusted net profit came in at 447 million euros ($487.5 million), much higher than an estimate of 330 million euros based on analyst forecasts compiled by the company.

$1 = 0.9168 euros Reporting by Isla Binnie, Editing by Inti Landauro

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