Investors in Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) had a good week, as its shares rose 5.9% to close at $3.74 following the release of its first-quarter results. Results were roughly in line with estimates, with revenues of 7.8b pesos ($115.2 mn), and statutory earnings per share of 30.81 pesos. Revenue growth is expected to slow, with forecast 18% increase next year well below the historical 27% p.a. growth over the last three years.
The Government provided for controls on international transactions between companies in the same economic group because the loss of tax revenue as a result of harmful tax planning techniques amounts to 4.4% of GDP. The regulations require economic groups with annual incomes over 2 billion pesos ($29.54 mn) to submit “Master Reports”, with information on strategic planning for the financial group as a whole.
Consumer prices in Argentina registered a 45.6% year-on-year increase last April, the National Institute of Statistics and Census (Indec) reported Thursday. The prices registered in April an increase of 1.5 % concerning March, a level of inflation that shows a sharp deceleration compared to the rise of 3.3 %, verified in the third month of the year.
Alpha Lithium Corporation announces it has completed its assessment of available historical data and is making final mobilisation to undertake a vertical electrical sounding (VES) geophysics study at the Company’s Tolillar Salar. The study may commence as early as next week. The geophysics program is a progressive step to identify and map brine aquifers as potential targets for a series of drill tests.
The Central Bank’s gross reserves fell Thursday from $84 million to $43.2 billion. The blue dollar (parallel market) climbed to a new high of 138 pesos, with which the gap with the official dollar shot up to 104.1%. The implicit exchange rates that arise in the stock market decreased by almost 3.5 pesos. The high exchange gap complicates the agro-exporters, that does not want to settle waiting for a better value (today with deductions receives 44 pesos per dollar), while importers are rushing to buy, and that leads to a vicious circle.