Argentine oil company YPF posted net profits of 2.19bn pesos (US$745mn) in first semester 2003, turning round 796mn peso losses in the same period last year, the company said in a statement Friday. The 1H02 loss was due to the devaluation of the peso and the pesofication of YPF's assets. Exposure to the exchange rate cost YPF 2.25bn pesos during that period, but the peso appreciated significantly in 1H03. Investments in exploration, production, refining and marketing were 1.05bn pesos and exports increased 34% to 1.21bn pesos compared to the same period last year, the statement said. Taxes, contributions and royalties to the government reached 3.2bn pesos in 1H03. YPF ended H1 with 21.1bn pesos in liquidity. YPF is owned by Spanish oil company Repsol-YPF.
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