Spain's Repsol said Thursday that third-quarter adjusted net profit fell by around 50% as it was hit by a significant decline in oil refining margins.

Quarterly adjusted net profit fell to 558 million euros ($605.71 million) from 1.1 billion euros a year earlier, slightly below an average company forecast of 567 million euros.

Refining margins were down more than 70% from the same period a year earlier.

DIVIDEND

The company also announced prior to the release of the results that it will increase the interim dividend it pays in January by 5.6%.

Shareholders will receive €0.475 ($0.5156) per share, up from €0.45 in 2023.

(1 dollar = 0.9212 euros)

(Reporting by Pietro Lombardi; editing by Inti Landauro; Spanish edition by Benjamín Mejías Valencia)