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Repsol beats market expectations with 5.4% rise in Q1 net profit

MADRID, April 29 (Reuters) - Spanish energy group Repsol on Thursday posted an adjusted net profit of 471 million euros ($571.46 million) for the first quarter, marking a 5.4% rise from the same period of last year and beating market expectations.

Stronger earnings for the upstream business that extracts oil and gas from the ground balanced out much weaker results for the downstream segment, where profit from refining has collapsed as the COVID-19 pandemic sapped demand for transport fuel.

Analysts polled by the company had forecast adjusted net profit of 365 million euros. ($1 = 0.8242 euros) (Reporting by Isla Binnie, Editing by Inti Landauro)

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