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Ecopetrol profit beats consensus by 21.6% in Q2

Ecopetrol SA said its second-quarter normalized net income amounted to 27.25 Colombian pesos per share, compared with the S&P Capital IQ consensus estimate of 22.41 pesos per share.

EPS declined 27.9% year over year from 37.78 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.123 trillion pesos, a decline of 28.0% from 1.559 trillion pesos in the year-earlier period.

The normalized profit margin fell to 9.5% from 11.1% in the year-earlier period.

Total revenue decreased 16.1% year over year to 11.751 trillion pesos from 14.010 trillion pesos, and total operating expenses decreased 11.6% on an annual basis to 9.262 trillion pesos from 10.483 trillion pesos.

Reported net income fell 47.8% year over year to 787.23 billion pesos, or 19.10 pesos per share, from 1.507 trillion pesos, or 36.52 pesos per share.

As of Aug. 30, US$1 was equivalent to 2,904.53 Colombian pesos.