Spanish-Argentine energy company Repsol YPF said on Friday its net profit had increased by 29 percent to a record high in 2005, thanks to earnings more than doubling in the fourth quarter.

Net profit increased to a record 3.12 billion euros (3.73 billion U.S. dollars) in 2005 from 2.41 billion euros (2.88 billion dollars) in 2004, Repsol said, adding that revenue jumped by 26 percent to 51.05 billion euros (61.04 billion dollars).

Repsol's net profit reached 549 million euros (656.4 million dollars) in the fourth quarter of 2005, compared with 230 million euros (275 million dollars) in the same period of 2004.

The fourth-quarter's revenue rose by 41 percent from the same period of 2004, reaching 14.4 billion euros (17.22 billion dollars).

The fourth quarter saw strong refining operations which offset another consecutive quarter of declining oil and gas output.

Source: Xinhua