REPSOL has suffered losses of €487 million between January and March.
That represents a loss of 27% compared to the same period last year.
That number is primarily due to two reasons, one is the falling prices of oil in recent months and the other is the drop in people needing to fill up their cars due to the state of emergency.
The losses however are only projected to get worse, as the first quarter only includes two weeks of the state of emergency.
Repsol however prides itself on the fact that despite the coronavirus crisis and the serious losses it’s suffering, it has kept all its facilities operational, including around 3,400 petrol stations nationwide.
The company highlights how it’s prioritised its role as a provider of basic services over profitability.
What is positive however for Repsol is the fact that the electricity business seems to be doing much better than expected during the pandemic, an area where the Madrid based company has been expanding into during the last few years.
In the first quarter of this year, Repsol increased its electricity profits by €4 million ‘due to the increase in the number of customers’, a spokesperson told El Mundo.