By Nathan Allen

Repsol SA (REP.MC) said Wednesday that its net profit fell sharply in the second quarter compared with the same period last year, when it reported a capital gain on the sale of its stake in Naturgy Energy Group SA (NTGY.MC).

The Spanish oil-and-gas company posted a quarterly net profit of 525 million euros ($586.5 million) compared with EUR936 million a year earlier.

Adjusted net income, which excludes non-recurring items, dropped to EUR497 million from EUR549 million, the company said. This compares with company-compiled consensus of EUR478 million.

The company said it will submit a proposal to shareholders to reduce its share capital by 5% through the cancellation of treasury shares.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 24, 2019 02:27 ET (06:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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