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Repsol YPF: turning the corner

Its first-quarter financial results suggest Spain's Repsol YPF might have finally turned the corner, writes NJ Watson

WHEN Repsol YPF revealed in February that 2007 profits were down by 16% on the year, despite record oil prices, but then described how business was about to improve, the collective groan from the analyst community was almost audible: Repsol YPF has made upbeat strategy presentations before – and all too often failed to deliver. But on 13 May, the Spanish energy group announced a confusing, yet surprisingly healthy, set of first-quarter figures – confusing because the firm provided several pro forma profit figures to reflect changes in its business and healthy because the figure that most analysts identified as the important one showed net profit of €0.811bn ($1.25bn). While virtually flat f

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