Petrolera del Conosur S.A. said its third-quarter normalized net income amounted to a loss of 23 Argentine centavos per share, compared with a loss of 59 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 23.2 million pesos, compared with a loss of 59.2 million pesos in the year-earlier period.

The normalized profit margin climbed to negative 19.9% from negative 37.0% in the year-earlier period.

Total revenue fell 39.3% year over year to 97.2 million pesos from 160.2 million pesos, and total operating expenses decreased 30.2% on an annual basis to 125.8 million pesos from 180.1 million pesos.

Reported net income came to a loss of 38.2 million pesos, or a loss of 38 centavos per share, compared to a loss of 94.2 million pesos, or a loss of 94 centavos per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 9.59 Argentine pesos.