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Ecopetrol Q2 profit falls YOY

Ecopetrol SA said its second-quarter normalized net income amounted to 1.572 trillion pesos, a decline of 46.4% from 2.934 trillion pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 11.1% from 17.3% in the year-earlier period.

Total revenue fell 17.3% year over year to 14.010 trillion pesos from 16.932 trillion pesos, and total operating expenses decreased 13.0% on an annual basis to 10.460 trillion pesos from 12.020 trillion pesos.

Reported net income came to 1.507 trillion pesos, compared with 2.597 trillion pesos in the prior-year period.

As of Aug. 7, US$1 was equivalent to 2,937.54 Colombian pesos.