Terpel: Earnings Flash 1Q18
May 16, 2018 (Investorideas.com Newswire) Terpel released negative financial results for 1Q18. We highlight the following items:
Incomes stood at COP 4.1 tn (+ 14.6% QoQ and -3.0% YoY) benefited by the recovery of international oil prices and an annual growth of 3.8% in volumes (driven mainly by the performance of Colombia's volumes, + 3.8% YoY). By country, incomes from the Colombian operation showed an annual growth of 14.2%, Panama's incomes 27.8%, Ecuador's income 7.1%, Peru's income 24.5% and Dominican Republic's incomes 4.9%.
EBITDA for the quarter showed an annual decrease of -2.0% and a quarterly growth of 3.4% (COP 158 bn), explained by the 2.0% increase in the Colombian EBITDA (COP 265.7 bn) and the contraction of -12.1% in the Panama's EBITDA. In this sense, EBITDA margin for the quarter stood at 3.8%, in line with our estimates and reaching an expansion of 24 bps in quarterly terms. We emphasize that the recovery of fuel's prices generated a profit by offset of COP 5.3 bn, in Colombia this item in specific was COP 3 bn.
Despite better operating results, net income was affected by COP 55 bn in expenses related to the acquisition of ExxonMobil, if these expenses are excluded, net income would stand at COP 47 bn (+ 2.9% YoY) , as we expected.
Conference call would be held tomorrow at 10:00 a.m. (Colombian time) after which we will send our First Insight with our detailed analysis.
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