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YPF Q2 net profit up 8pc.

Argentina's state-controlled energy company YPF had an 8 per cent increase in second quarter net profit to 833 million pesos ($181 million), it said in its first earnings statement reflecting performance since the company was nationalised in May.

YPF said the company had a net profit of 771 million pesos in the second quarter of 2011. YPF said second quarter operating profit was 1.86 billion pesos, up 25.5 per cent from the second quarter of 2011.

Quarterly ordinary revenues rose 17.7 per cent to 16.08 billion pesos, thanks to higher liquid fuel prices, it said.

The government grabbed a 51-per cent stake in YPF from Repsol after accusing the Madrid-based parent company of under investing in Argentine production.

Spain was incensed by the nationalisation and is helping Repsol press for compensation that may take years to settle.

"These earnings seem positive, but it is too early to say whether YPF will turn out to be one of the well-run state oil companies, such as Petrobras in Brazil and Ecopetrol in Colombia, or one of the poorly run ones," said Ignacio Labaqui, who analyses Argentina for Medley Global Advisors in New York. YPF's first-half net profit was 2.13 billion pesos ($462 million), down from a revised 2.37 billion pesos in the same 2011 period, the statement said.

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Publication:Oil & Gas News
Article Type:Financial report
Date:Aug 20, 2012
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