Argentina YPF Posts Higher Recurring Profit, Takes Big Charge

Reuters

BUENOS AIRES, Aug 12 (Reuters) – Argentina's state-controlled energy company, YPF, said on Monday second-quarter recurring profit rose 31 percent from a year earlier, and the company also disclosed a multimillion-peso charge related to an adverse arbitration ruling.

Recurring profit rose to 1.09 billion pesos ($204.2 million) from 833 million pesos a year earlier.

YPF took a charge of 855 million pesos in the latest quarter due to the arbitration ruling in a case over the suspension of natural gas exports to Brazil.

Plaintiffs are reported to be seeking well over $1 billion in compensation for YPF's suspension of gas exports, starting in 2004, and its cancellation of contracts with AES Uruguaiana (AESU) y Transportadora de Gas del Mercosur in 2009.

In 2009, YPF was controlled by Spain's Repsol. The center-left government of President Cristina Fernandez seized Repsol's majority stake in the country's biggest energy producer last year.

 

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