Back

LatinNews Daily - 12 May 2021

In brief: Argentina’s YPF goes into the red again

* 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.

End of preview - This article contains approximately 181 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

LatinNews
Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
Contact
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.