State-owned oil company YPF reported Thursday that in 2020 it had a net loss of $1.09 billion but that in the last quarter of the year, it was able to cut the loss by more than $540 million from the accumulated decline up to September. As a result of a more significant normalisation of economic activity, and after the debt swap, the company plans to invest $2.7 billion in 2021.
Category: Business
Information regarding the business sector.
Honda invests $5 mn to build a new bike
Honda Motor de Argentina announced yesterday that it invested u$s5 million to produce a new motorbike model. This amount is in addition to the $15 million that the company has spent over the last two years on its production lines and parts' localisation process.
Cresud sold meat processing plant in La Pampa for $10 mn
As part of a strategic plan to obtain liquidity to finance new investment projects, Cresud completed the sale of 100% of the shares of Sociedad Anónima Carnes Pampeanas. For this operation, the agro-industrial firm belonging to the group led by Eduardo Elsztain obtained $10 million. The procedure will profit 620 million pesos ($6.9 mn) to its balance sheet.
Edesur: sales fell 5.7% in 2020 and lost $67.64 mn
Edesur told the stock exchange that it closed 2020 with a loss of 6,065 million pesos ($67.64 mn). In that period, the Italian group Enel owned the electricity distributor recorded a 5.7% drop in energy sales, mainly explained by the collapse in consumption among industries whose activity was affected by the pandemic.
YPF placed debt securities for $122 million
YPF placed Debt Securities for $122 million in two series, reopening the 33-month Dolar linked Class XIV issue and the 42-month UVA (Unidad de Valor Adquisitivo) denominated ON Class XIX, following the restructuring of its debt in the international markets.
Valenziana to invest $4 mn to expand and export
Santa Fe-based Valenziana, a manufacturer of home furnishings, will start exporting to Paraguay and Uruguay for the first time with the opening of new exclusive stores in neighbouring countries and will open 20 of its stores throughout the country. The firm's decision is part of a master plan that began six years ago and involves an investment of $4 million until 2025.
Toyota suspends production due to lack of workers, loses $15m in exports
Toyota suspended once again production planned for a holiday because of the impossibility of gathering the number of workers necessary to guarantee the production lines' operation at the Zárate plant. Due to the workers' resistance to work outside the hours stipulated by the agreement to avoid income tax payment for the additional income from overtime. Toyota loses $15 million in exports.
Globant to invest $2.7 million in ELSA app
On Thursday, argentine-owned multinational Globant announced a $2.7 million investment in the ELSA app to contribute to the development of the platform that uses artificial intelligence to help students improve their English speaking and pronunciation skills.
Pampa Energía’s shareholders approved the sale of 51% of Edenor for $100 mn
Pampa Energía's General Shareholders' Meeting approved the sale of 51% of the shares of Edenor, the country's leading energy distributor, to Empresa de Energía del Cono Sur S.A. (Edelcos), a company headed by the Vila-Manzano Group in partnership with Mauricio Filiberti. (Edelcos), a company controlled by the Vila-Manzano Group in partnership with Mauricio Filiberti. The amount of the transaction was 25% higher than the market value. Edenor is currently worth approximately $167 million on the stock exchange, and Pampa sold 51% for $100 million.
Due to income tax on wages, Toyota stopped exporting $1million on Tuesday’s holiday
Toyota did not work on Tuesday, a public holiday, even though it had everything in place at its factory in Zárate to produce some 600 units of its Hilux pick-up and SW4 SUV. The overtime "bonus" of its 5000 employees would have gone to the Treasury, and the Zárate factory paralysed. The factory stopped exporting $1million, just for that one truncated working day.
