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Ecopetrol profit beats consensus by 37.0% in Q2

Ecopetrol SA said its second-quarter normalized net income amounted to 42.97 Colombian pesos per share, compared with the S&P Capital IQ consensus estimate of 31.36 pesos per share.

EPS climbed 59.5% year over year from 26.93 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.769 trillion pesos, an increase of 58.6% from 1.115 trillion pesos in the prior-year period.

The normalized profit margin increased to 13.7% from 9.5% in the year-earlier period.

Total revenue rose 11.9% on an annual basis to 13.151 trillion pesos from 11.751 trillion pesos, and total operating expenses rose 7.0% on an annual basis to 9.924 trillion pesos from 9.275 trillion pesos.

Reported net income increased 65.7% from the prior-year period to 1.305 trillion pesos, or 31.70 pesos per share, from 787.41 billion pesos, or 19.02 pesos per share.

As of Aug. 23, US$1 was equivalent to 2,989.74 Colombian pesos.