Martin Bidegaray
11/10/2020 20:06
Clarín.com
Economy
Updated 11/10/2020 20:06
Through a
drastic 70% reduction in investments
and a 20% adjustment in operating costs, state oil company YPF managed to
reduce the record losses
it experienced last quarter.
E
l red was US $ 482 million
(more than $ 35,000 million) ,
an improvement over the US $ 1,258 million ($ 85,000 million over) who had lost in the previous quarter.
Greater laxity in travel helped sales improve by 19.5% due to a recovery in fuel sales and the stabilization of oil and gas production.
Demand for refined products recovered "significantly from the previous quarter, driven by a 41% increase in volumes sold for naphtha and 22% for diesel."
YPF says that fuels increased 8% in this period.
Measured in dollars, prices contracted 25.3% and 19.8% year-on-year for diesel and naphtha, respectively.
While
Miguel Galuccio's time
as president of YPF made it possible for fuel prices to rise in pesos and in dollars, the current administration seems to be unable to achieve this path.
"Third quarter revenues
decreased 29.7%
due to lower demand and prices in dollars. The prices measured in dollars of our main products were not in line with the devaluation of the peso," the statement of results stated.
The refining business is still in the red, with a
loss of US $ 83 million before taxes.
In a presentation to investors, the company will explain that demand has improved, but that it suffers from not being able to rebuild prices in dollars.
In addition, purchases for that business could not be optimized either, and the company marks them in red.
YPF shares had a positive Tuesday,
with a rise of 15%
.
Measured in year-on-year terms, the
decline in
refining
business margins
is 81%.
Investors will ask the company's staff what their plans are to change this trend.
In December there will be an increase in prices.
YPF carried out a restructuring of a bond that expired in 2021, with 58.7% adhesion.
"Net cash flow from financing activities amounted to negative US $ 730 million, mainly due to negative net indebtedness of US $ 403 million (fall of 3.6% year-on-year) and interest payments of US $ 251 million (increase of 3.2% year-on-year), "the company points out.
"During the quarter we were able to successfully refinance 58.7% of our 2021 bond, after concluding the exchange offer on July 31, 2020. As a result of the operation, we withdrew a total of US $ 587.3 million and issued a new amortizable bond with final maturity in 2025 (Class XIII) for US $ 542.8 million ", they specify.
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