* Argentina’s state-owned oil firm, YPF, has reported losses of US$25m in the first quarter of the year. The result is in stark contrast to the US$103m profit it reported in the first quarter of 2020. A financial report released by YPF shows that the firm had operating profits of US$78m in Q1 2021, 67.7% less than in the same quarter the previous year and 85.9% lower than in Q4 2020. But these profits were offset by YPF’s tax and debt servicing obligations. Nonetheless, the firm said in a statement that the figures reflect
“a solid recovery in profitability, principally backed by a swift recovery in demand for petrol fuels, higher prices in all segments, and the realisation of cost efficiencies”. The statement notes that domestic demand for petrol fuels increased by 6% quarter-on-quarter in Q1 although it is still below the level registered in Q1 2019, before domestic economic activity was paralysed by the coronavirus (Covid-19) pandemic. YPF posted losses of US$1.09bn in 2020, a 59.5% increase on the losses registered in 2019.
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