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BOGOTA (Reuters) - Colombia’s majority state-owned oil company Ecopetrol on Tuesday reported a soaring first-quarter net profit of 3.09 trillion pesos ($806.5 million) for this year, buoyed by improved oil prices and with the backdrop of a dismal comparative period in 2020.
FILE PHOTO: The entrance of Ecopetrol's Castilla oil rig platform is seen in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez
The oil company reported a net profit of 133 billion pesos in the first quarter of 2020, following a global slump in oil prices and after booking an impairment worth 1.21 trillion pesos.
Ecopetrol’s first-quarter earnings before interest, taxes, depreciation and amortization rose 55.7% to 8.19 trillion pesos, the company said.