A 51% stake in the Argentina-focused YPF was expropriated by the Argentinean government in April, a move which Repsol labelled “unlawful” in its first quarter results.
Factoring YPF and its associated companies into its results for the period, Repsol’s net income was up €27 million on the first quarter of 2011, rising 3.5% to €792 million. Net income for the quarter was stronger without YPF, up €71 million or 12.4%
