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Financial News: YPF: Profit Surges In 1Q18 After Non-recurring Gain

YPF: Profit Surges In 1Q18 After Non-recurring Gain

05/09/2018 - 16:40:00 (RTTNews)

(RTTNews) - Argentinean oil company YPF reported a net gain of 5.986 billion pesos (US$ 259 million) in the first quarter, a result that is more than thirty times larger than that observed in the same period of the year previous, of 192 million pesos.

The profit increase reflects a 33% revenue growth, to 75.823 billion pesos and the reassessment of YPF's investment in YPF Energ?a El?ctrica, which generated an extraordinary gain of 12 billion pesos.

That nonrecurrent event led YPF's operating result to nearly quadruple in the first quarter, to 17.3 billion pesos.

Another element that helped the company increase the first quarter net profit was YPF's financial operations, which had a net positive result of 118 million pesos, after generating a 7.161 billion loss in the first quarter of 2017.

Investments in the first quarter rose 24.5%, to 14.874 billion pesos. Crude output fell 2.7%, to 227.6 thousand barrels of oil per day (bpd), while gas production fell 3.5%, to 43.7 million cubic meters aday (m3d).

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