BUENOS AIRES – Petrobras Argentina SA (PZE, PESA.BA), the local unit of Brazilian oil giant Petroleo Brasileiro (PBR, PETR4.BR), on Wednesday reported third-quarter net profit of ARS67 million ($15.7 million).
That puts the company’s profit down almost 60% from the same period a year ago, when it was ARS167 million.
«The variation of ARS100 million is due mainly to greater exploration costs in the third quarter,» Petrobras said in a statement to the Buenos Aires Stock Exchange.
Third-quarter net sales fell to ARS3.3 billion, compared with ARS3.77 billion a year earlier.
Administrative costs totaled ARS414 million, down from ARS454 million.
Exploration costs totaled ARS191 million, compared with ARS15 million a year earlier
Source: MarketWatch