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Ecopetrol Q4 loss widens 212.7% YOY

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Ecopetrol Q4 loss widens 212.7% YOY

Ecopetrol SA said its fourth-quarter normalized net income was a loss of 106.70 Colombian pesos per share, compared with the S&P Capital IQ consensus estimate of 33.61 pesos per share.

The per-share loss widened 212.7% year over year from 34.12 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.387 trillion pesos, compared with a loss of 1.403 trillion pesos in the year-earlier period.

The normalized profit margin dropped to negative 33.8% from negative 9.8% in the year-earlier period.

Total revenue fell 8.6% year over year to 13.033 trillion pesos from 14.255 trillion pesos, and total operating expenses increased 7.4% on an annual basis to 14.806 trillion pesos from 13.788 trillion pesos.

Reported net income came to a loss of 9.515 trillion pesos, or a loss of 231.40 pesos per share, compared with a loss of 3.169 trillion pesos, or a loss of 77.09 pesos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 34.07 pesos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 236.81 pesos.

EPS was 178.49 pesos in the prior year.

Normalized net income was a loss of 1.401 trillion pesos, compared with income of 7.341 trillion pesos in the prior year.

Full-year total revenue decreased on an annual basis to 52.347 trillion pesos from 65.972 trillion pesos, and total operating expenses declined on an annual basis to 45.362 trillion pesos from 49.885 trillion pesos.

The company said reported net income totaled a loss of 7.194 trillion pesos, or a loss of 174.96 pesos per share, in the full year, compared with income of 5.047 trillion pesos, or 122.70 pesos per share, the prior year.

As of April 29, US$1 was equivalent to 2,876 Colombian pesos.