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BOGOTA (Reuters) -Colombia’s majority state-owned oil company Ecopetrol’s second-quarter net profit soared to 3.72 trillion pesos ($951 million), boosted by strong sales, the company said on Tuesday, compared with 25 billion pesos in the year-earlier period.
FILE PHOTO: The entrance of Ecopetrol s Castilla oil rig platform is seen in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 9.43 trillion pesos, from 2 trillion pesos in the second quarter of 2020, Ecopetrol said.
As well as significant sales growth, the higher earnings reflect a weak comparative period that saw the company’s finances battered by a combination of lower demand caused by the coronavirus pandemic and increased supply due to an oil price war last year.
UPDATE 1-Colombia s Ecopetrol reports Q2 profit soared to $951 million
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Operator
Good morning. My name is Sylvia, and I ll be your operator for today. Welcome to Ecopetrol s earnings conference call in which we will discuss the main financial and operational results for the first quarter 2021. [Operator Instructions]
Before we begin, it is important to mention that the comments in this call by Ecopetrol s senior management include projections of the company s future performance. These projections do not constitute any commitment as to the future results nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that the future results are different from the projections shared on this conference call. The call will be led by Mr. Felipe Bayon, Chief Executive Officer of Ecopetrol; Alberto Consuegra, Chief Operating Officer; and Jaime Caballero, Chief Financial Officer.