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Petrolera del Conosur Q1 loss narrows YOY

Petrolera del Conosur SA said its first-quarter normalized net income amounted to a loss of 19 Argentine centavos per share, compared with a loss of 66 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 19.4 million pesos, compared with a loss of 66.7 million pesos in the year-earlier period.

The normalized profit margin fell to negative 20.7% from negative 17.6% in the year-earlier period.

Total revenue decreased 74.9% on an annual basis to 95.1 million pesos from 379.1 million pesos, and total operating expenses decreased 73.9% year over year to 117.7 million pesos from 450.8 million pesos.

Reported net income totaled a loss of 31.4 million pesos, or a loss of 31 centavos per share, compared to a loss of 106.9 million pesos, or a loss of 1.07 pesos per share, in the prior-year period.

As of May 11, US$1 was equivalent to 8.93 Argentine pesos.