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Empresas Copec Q2 profit falls YOY

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Empresas Copec Q2 profit falls YOY

Empresas Copec SA said its normalized net income for the second quarter was 13 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

In the prior-year period, the per-share result came in at a profit of 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $164.3 million, compared with $165.5 million in the prior-year period.

The normalized profit margin rose to 2.9% from 2.8% in the year-earlier period.

Total revenue declined 17.3% year over year to $4.95 billion from $5.98 billion, and total operating expenses declined 18.7% on an annual basis to $4.59 billion from $5.65 billion.

Reported net income declined 10.7% from the prior-year period to $193.0 million, or 15 cents per share, from $216.1 million, or 17 cents per share.