Argentina's YPF Posts 87% Higher 3Q Net Profit



Reuters

BUENOS AIRES, Nov 5 (Reuters) - Argentina's main energy company, YPF , reported a third-quarter net profit of $1.4 billion pesos ($244 million) on Tuesday, up 87 percent versus the same period in 2012 thanks to higher natural gas and gasoline prices.

The state-controlled company reported net profits of $3.2 billion ($553 million) for the first nine months of the year.

"Ordinary income during the third quarter of 2013 rose to 24.2 billion pesos, 39.5 percent higher than the same 2012 period," the company said in a statement.

"The increase was principally generated by more revenue from domestic liquid fuel and natural gas sales."

During the third quarter, Argentina's government allowed gasoline prices to rise despite concerns about inflation. Consumer prices in the South American country are increasing at about 25 percent per year, according to private economists.

A 3.4 percent increase in oil production and a 4.7 percent increase in natural gas output in fields operated by YPF allowed for a 94 percent increase in investment versus the third quarter of last year, the company said.

(Reporting by Alejandro Lifschitz and Walter Bianchi; Editing by Gary Hill and Krista Hughes)



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