Enap 2006 Profits Down 74% to US$51mn

Chile's state oil company Enap posted 2006 net profits of US$50.8mn, down 74.3% from the previous year, the company reported to securities regulator SVS.

The fall in 2006 profits was due to a 45.9% drop in operating profits to US$243mn compared to 2005. The fall in operating profits resulted from the drop in oil prices in the second half of the year compared to high 2005 prices, the company said.

Ebitda in 2006 was US$485mn, down 26% on 2005. Sales in the period, however, were up 17.2% to US$7.82bn.

The company also posted a US$80mn non-operational loss, just slightly more than the non-operational losses registered the previous year.

Investments in 2006 reached US$274mn, 55% of which went to E&P and the remainder to refining and logistics, the company said in a separate statement.

Net equity at the end of the year was US$939mn, up 2.1% from the previous year's close.

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