Ecopetrol Q2 net profit more than doubled to COP 7.09 trillion; revenue rises 35.49% to COP 40.2 trillion
EC•Cash flow and Brazil expansion
Cash and cash equivalents fell to COP 8.75 trillion from COP 10.69 trillion at Dec. 31; net cash from operations was COP 14.14 trillion.
The group set up Ecopetrol Investimentos do Brasil to pursue a controlling stake acquisition in Brava Energia as part of its Brazil growth strategy.
Second-quarter and six-month results
Ecopetrol posted COP 10.91 trillion net profit for the six months ended June 30, up 63.14% year over year.
Revenue rose to COP 68.82 trillion, up 12.76% year over year; operating income climbed to COP 21.35 trillion, up 52.33%.
Earnings per share increased to COP 217.7, up 81.27% year over year; income tax expense jumped to COP 6.45 trillion, up 100.03%.
