LatinNews Daily - 11 August 2020

* Argentina’s state-owned oil company, Yacimientos Petrolíferos Fiscales (YPF), has published its earnings report for the second quarter of 2020, which show the company made a net income loss of Ar$85.05bn (US$1.17bn). The loss compares with a net gain of Ar$6.35bn in Q1 2020 and a contraction of Ar$2.33bn for the same April to June quarter in 2019. In a statement, YPF indicated that the result includes a net operating loss of AR$36bn before taking into consideration a reduction in share price. YPF said it had been negotiating a “complex economic and financial situation” that had been exacerbated by the coronavirus (Covid-19) pandemic. It also reported a “nonrecurring charge” of some Ar$57bn due to the fall in its gas share prices caused by the global oil and gas price shock earlier this year.

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