The autonomous entity presented the results of the first three months of the year and the impact of the technical stoppage of the La Teja refinery.
Ancap announced the results of the first quarter, from which losses of 48 million dollars were reported, mainly explained by the import of fuel as a result of the technical stoppage of the La Teja refinerywhich in turn cost about 79 million dollars of investment since the middle of last year.
Between January and March, the business of the collateral companies of the Ancap Groupsuch as the Uruguayan Fuel Distributor ( Ducsa), they achieved a profit of 9 million dollars that was not enough to reverse the losses from fuel imports, according to the president of the entity, Alejandro Stipanicicand other authorities during a press workshop today.
The state company argued that part of the loss is due to the fact that fuel purchases abroad were more expensive than initially stipulated by the Energy and Water Services Regulatory Unit (Ursea).
First quarter net result
Operating income was $783 million and net operating income was $535 million (after discounts, bonuses and Imesi). The cost of sales implied a loss of 525 million dollars, leaving a gross result of 10 million dollars. This gross result, when GAV (and others) are deducted, leaves an operating result with losses of 40 million dollars.
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In the breakdown of the operating result, there is a negative financial result of 11.5 million dollars (-4.5 million dollars due to exchange rate difference; -9.7 million dollars due to lost interest; and a balance of 2.7 million dollars in favor for temporary investments in Monetary Regulation Bills).
To this is added a balance in favor of 7 million dollars as a result of participation in related companies and 3.5 million dollars are subtracted from income tax, yielding a net result of 48 million dollars.
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Source: Ambito
