1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE SECOND QUARTER OF 2012
Operating income was ARS 1,859 million in the second quarter of 2012, 25.5% higher than the same period in 2011.
Revenues in the second quarter of 2012 reached ARS 16,084 million, 17.7% higher than the second quarter of 2011. This increase was the result of higher prices in liquid fuels and the delivery of larger volumes of fuel oil.
Cost of sales during the second quarter of 2012 was 19.8% higher than in the same period in 2011. This increase is mainly explained by approximately 32.1% higher production costs, due to higher royalties paid to the provinces (on account of higher wellhead price and a production increase), higher depreciation and higher expenses related to salaries, external services and transport and freight.
Also, higher costs of sales were affected by an increase of purchases (13.7% higher than the second quarter of 2011), mainly of biofuels and liquid fuels.
Net income for the period was ARS 833 million, 8.0% above the same period in 2011.
Página 3 del Balance presentado ayer ante la SEC --->
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