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Ecopetrol Q1 profit climbs 93.0% YOY

Ecopetrol SA said its normalized net income for the first quarter amounted to 1.257 trillion pesos, a gain of 93.0% from 651.58 billion 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 rose to 9.3% from 6.2% in the year-earlier period.

Total revenue climbed 27.5% on an annual basis to 13.371 trillion pesos from 10.485 trillion pesos, and total operating expenses increased 13.4% year over year to 10.072 trillion pesos from 8.881 trillion pesos.

Reported net income came to 886.00 billion pesos, compared with 362.59 billion pesos, or 8.80 pesos per share, in the prior-year period.

As of May 11, US$1 was equivalent to 2,944.51 Colombian pesos.