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Petrolera del Conosur Q2 loss narrows YOY

Petrolera del Conosur SA said its second-quarter normalized net income was a loss of 18 Argentine centavos per share, compared with a loss of 29 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 18.4 million pesos, compared with a loss of 29.4 million pesos in the prior-year period.

The normalized profit margin fell to negative 26.0% from negative 7.5% in the year-earlier period.

Total revenue fell 76.2% on an annual basis to 93.8 million pesos from 394.6 million pesos, and total operating expenses fell 71.4% from the prior-year period to 115.6 million pesos from 404.6 million pesos.

Reported net income totaled a loss of 31.0 million pesos, or a loss of 31 centavos per share, compared to a loss of 47.1 million pesos, or a loss of 47 centavos per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to 9.22 Argentine pesos.