Spanish oil refiner and petrochemicals company Cepsa has reported that its earnings before interest, taxes, depreciation and amortization were E775 million for the first half of 2008, 8% higher than in the same period of 2007.
Cepsa has posted an operating income of E500 million and a net income attributable to shareholders of the parent company of E283 million for the first six months of 2008.
Under the replacement cost method of accounting, operating income was E299 million and net income attributable to shareholders of the parent company amounted to E143 million for the first half of 2008.
Recurring operating income, excluding the effect of inventory revaluation on net assets, stood at E299 million, sliding 44% from the first half of 2007. Recurring operating income in the second quarter of 2008 was up 11% compared to the first quarter of 2008.
The 73% surge in crude oil prices, which was not passed along to refined product prices to the same extent, led to a decline in refining and marketing margins. Compounding this was the 13% drop in the value of the dollar against the euro, which adversely impacted earnings in the first half of 2008.