PDVSA Profits Total US$6.2bn thru July

Venezuela's state oil firm PDVSA reported net profits of US$6.2bn for the first seven months of this year, up from the same months of 2005, according to a company statement on its preliminary results.

Revenue for the period totaled US$33.8bn and operating profit was US$15.8bn, the company said without providing 2005 figures.

Costs and expenses came to US$7.8bn, according to the results, which do not include operations abroad. Royalties paid to the Venezuelan government totaled US$10.2bn during the period.

PDVSA spent US$5.6bn on social works in the period.

The oil company has not published its 2005 and 2006 audited financial results due to a 63-day strike in 2002-03. External auditors are reviewing the 2005 results, which must go through the national assembly before being published.

The company reported net profits of US$5.00bn in 2004, up more than 52% from US$3.28bn in 2003.

PDVSA is South America's largest oil producer.

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