The Argentine banking sector accumulated a profit of 117.12 billion ($ 1.57 bn) in the first six months of 2020, a result 11% lower than that obtained during the same period in 2019, to which must add the impact of inflation.
Installed capacity utilization during July was 56.8%, a lower level than in the same month in 2019 when it was 58.7%. The figures show that it is slowly recovering after the drop caused by the outbreak of the pandemic. The information provided yesterday by INDEC reveals the monthly evolution of the figures: June (53.3%), May (46.4%), April (42%) and March (51.6%). They have not yet reached the levels of February (59.5%).
JP Morgan Bank rebalanced its Emerging Market Bond Indicator (EMBI) concerning Argentina, following the exit of the sovereign instruments issued after the debt swap. As of this change, the Argentinean country risk placed at 1,104 units, which meant a 47.9% fall concerning the previous day’s closing.
The Argentine biotechnology company Bioceres, which listed on the New York Stock Exchange, announced its financial results, reporting a 46% increase in sales of agricultural inputs during the second quarter of the year. At the same time, it reported a 17% increase in income during the last fiscal year, reaching $174.2 million.
The software or knowledge economy companies are still waiting for the Senate to treat the project that has been approved by the House of Representatives since June and that would benefit a sector that has the potential to sell some $6 billion a year abroad. The main risks are the loss of 11,200 jobs and the loss of 33.4 billion pesos ($446 mn) in revenue in 2020.