Day: August 11, 2020

YPF recorded losses of $1.16 billion

According to the second-quarter corporate report presented on Monday, YPF recorded a loss of 85 billion pesos ($1.16 bn) due to the fall in international prices and low demand for fuel in this context of the pandemic. Naphtha and diesel sales fell up to 87% during the beginning of the quarantine. It reflected in decline in YPF’s revenue, which during the period in question fell 17% below that recorded in the second quarter of 2019.

ENRE fined EDESUR almost $2.3 million

The ENRE sanctioned the electricity distributor EDESUR with a fine of 167.8 million pesos ($2.3 mn) for non-compliance with public safety regulations for 2018 and 2019. More than 3,000 cases were verified. The application of these fines, within the framework of the tariff freeze and the situation of social isolation, deteriorated the company’s balance sheet, limiting its investment possibilities and regular operation.

Free Market made $55.9 million in Q2

Mercado Libre registered in the second quarter of this year a profit, before taxes, of $89.3 million. Thus, it more than recovered from the $16.7 million loss it had in the first quarter. The net gain for the second quarter (after tax) was $55.9 million. The year-over-year growth was 61%. Despite the positive results the company reported, the Free Market share fell 5.83%, closing at $1,124 per unit. The drop was due to profit-taking by operators.

With a load of 48 tons, China opened its market to Argentine lemons

The Government agreed on the phytosanitary requirements for the export of fresh lemons to the People’s Republic of China. The first load arrived at the Port of Hong Kong last Friday with a total of 48 tons exported by Citromax and San Miguel companies. Also, Argenti Lemon and Diego Zamora e Hijo will participate in this first export campaign, to total a total of 476 tons from the Province of Tucumán.