Argentina YPF Q4 net income up 90.7% year on year

12 March 2013 22:27  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Argentina’s state-run energy company Yacimientos Petroliferos Fiscales (YPF) said on Tuesday its Q4 2012 net income rose by about 90.7% year on year as higher sales and a one-off gain linked to state oil exploration incentives offset higher costs.

The company, which was nationalized in May 2012, posted a quarterly net profit of Argentine pesos (Ps) 1.02bn ($204m, €157m) compared to Ps535m in Q4 2011.

A 20% hike in diesel and gasoline prices helped push revenues for the quarter to Ps18.86bn, up by about 26.5% from Ps14.91bn in 2011, the company said.

Higher exports of methanol, alcohol and solvents increased chemical product revenues to Ps1.45bn, up by about 38.1% from 1.05bn in the previous-year quarter.

For all of 2012, higher domestic naphtha, gas oil and jet fuel sales pushed total revenues to Ps67.17bn, an increase of about 19.5% from Ps56.21 in 2011, YPF said.

Net income for the year was Ps3.90bn, down by about 12.4% from Ps4.45bn 2011, hit by losses at YPF subsidiaries Mega, Refinor and Aesa, the company said.

“During this transition year, I believe we ended up having a very good run, with very positive operational and financial results,” said YPF chief executive Miguel Galuccio.

Some $5bn has been earmarked for capital investments in 2012, the company said, adding that the challenge was to move to a “growth-mode” while preserving the company’s profitability.

The company said it would continue to develop a non-conventional gas field in Patagonia that would have supplied Brazilian mining giant Vale’s $6bn potash project in Argentina’s Mendoza province. Vale announced on Monday it was scrapping the project.

“We plan to develop that area, with or without Vale,” Galuccio said.

($1 = €0.77; $1 = Ps5.07)

By: Simon West

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