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Financial News: PAMPA ENERGIA: Company Reverses Losses And Posts A

PAMPA ENERGIA: Company Reverses Losses And Posts A Profitable Third Quarter

11/13/2017 - 18:56:00 (RTTNews)

(RTTNews) - Argentina's Pampa Energía reported a consolidated profit of 1.624 billion pesos (US$ 92.9 million) in the third quarter of 2017, reversing the losses posted one year earlier.

Pampa Energía's result in the third quarter was primarily due to higher profits reported in the segments of power generation, energy distribution, oil and gas refining and distribution segments, and partially offset by losses in petrochemicals and intersegment eliminations.

The company's consolidated adjusted EBITDA(earnings before interest, taxes, depreciation and amortization) amounted to 5,090 million pesos, against 1,464 million in the same quarter of 2016.

Consolidated net sales totaled 17,357 million pesos in the quarter, compared to 9,897 million in the third quarter of 2016, amid increases in power generation, energy distribution, oil and gas refining and distribution, petrochemical, holding and others segments, partially compensated by higher eliminations in intersegment sales.

In the quarter, Pampa Energía's gross margin for power generation was 1,417 million pesos, 164% higher than in the same period of 2016, mainly due to the update of remuneration's system.

In operating terms, power generation for the period increased 9% against the same quarter of 2016, primarily explained by the incorporation of the assets of the former Petrobras Argentina to the full quarter and improvement in performance.

The total production of the Pampa segment decreased 14.6 thousand barrels of oil equivalent per day (kboed) compared the same period of the previous year, mainly due to divestments.

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