Repsol reports quarterly profit rise

Spanish oil and gas group Repsol on Thursday posted a jump of 12.4 percent in second-quarter net profit to 308 million euros ($407 million), boosted by increased production. The improved profits came as hydrocarbon production rose by 12 percent to 359,700 barrels a day. If the impact of the nationalisation of its Argentinian subsidiary YPF was included, the group's second-quarter profits reached 423 million euros, up 4.2 percent. Since YPF was nationalised by Cristina Kirchner's government in April 2012, the Spanish group has undertaken an asset sale strategy to fill the gap created by the loss of the subsidiary. In February, it said it would sell a part of its liquefied natural gas business to Dutch-anglo group Royal Dutch Shell for $6.65 billion.