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Petrolera del Conosur Q4 loss widens YOY

Petrolera del Conosur S.A. said its fourth-quarter normalized net income was a loss of 75 Argentine centavos per share, compared with a loss of 26 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 75.4 million pesos, compared with a loss of 26.3 million pesos in the year-earlier period.

The normalized profit margin dropped to negative 66.5% from negative 19.7% in the year-earlier period.

Total revenue declined 14.2% year over year to 114.1 million pesos from 133.1 million pesos, and total operating expenses decreased 12.1% year over year to 147.8 million pesos from 168.1 million pesos.

Reported net income came to a loss of 124.1 million pesos, or a loss of 1.24 pesos per share, compared to a loss of 42.0 million pesos, or a loss of 42 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 1.36 pesos per share, compared with a loss of 1.81 pesos per share in the prior year.

Normalized net income was a loss of 136.5 million pesos, compared with a loss of 181.6 million pesos in the prior year.

Full-year total revenue decreased 62.5% from the prior-year period to 400.2 million pesos from 1.07 billion pesos, and total operating expenses fell 57.9% on an annual basis to 506.8 million pesos from 1.20 billion pesos.

The company said reported net income totaled a loss of 224.7 million pesos, or a loss of 2.24 pesos per share, in the full year, compared with a loss of 290.3 million pesos, or a loss of 2.89 pesos per share, the prior year.

As of March 8, US$1 was equivalent to 15.44 Argentine pesos.