Enap H1 Profits Jump 88%

Chile's state oil company Enap posted net profits of US$188mn in the first half of 2006, up 88% from US$100mn in the same period of 2005 as a result of higher operating profits, the company said in a statement.

Enap's operating profits reached US$303mn, up 71% from US$177mn in 1H05. Operating profits stemmed primarily from higher crude prices and refining margins.

Operating profits were also boosted by an increase in the volumes of refined products sold, although an Enap spokesperson declined to provide reference figures when contacted by BNamericas.

The company's overall revenue was 3.82bn pesos in the period, up 25.5% from 1H05, while operating costs rose 23% to 3.47bn pesos year-on-year, the company told national securities regulator SVS.

Non-operating losses in 1H06 totaled US$52mn, 30% more than the US$40mn loss registered than in the same period last year. The expanded non-operating loss was due primarily to the change in the exchange rate between pesos and US dollars and less non-operating revenue, the company said in the statement.

Enap's equity at the end of the six-month period stood at US$1.00bn, up 22% from the year-ago period, the company told SVS.

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