Colombia’s state oil firm Ecopetrol reported on Wednesday its nonconsolidated net earnings for the third quarter dropped nearly 70 percent compared with a year earlier, mainly on the fall in global oil prices and the peso’s appreciation.
The company said that net income for the quarter fell to 1.19 trillion pesos or US$619.1 million or 29.49 pesos per share, down 69.9 percent compared with the same quarter a year earlier. Nine-month nonconsolidated net earnings fell 62.8 percent from a year earlier.
“Lower prices of crude in the third quarter of 2009 compared with the same period in 2008 meant total sales for the third quarter were 26.1 percent lower,” Ecopetrol said in a statement.
The company said the revaluation of the peso COP=RR, which has appreciated more than 18 percent so far over the last 12 months, also caused nonoperating losses. But that impact was offset partially by a $1.5 billion bond issue in July. (Reuters)
