Ecopetrol Profit Falls for a Second Quarter
From Financial Times
By Andres Schipani
State-run Colombian energy company Ecopetrol reported a 22.3 per cent fall in net profit in the third quarter, its second straight quarterly profit decline.
The company, the country’s largest energy producer by volume and market capitalisation, said late on Monday that net profit in the three months to September slumped to 3.2bn pesos ($1.7bn) compared with 4.2bn pesos in the same quarter of 2011. It blamed legal provisions and the impact of an adjustment in the cost of depreciation and investments in its Chichimene field.