EL UNIVERSAL
CARACAS, Thursday November 19, 2009 | Update
Pdvsa's profits fall 67 percent in the first half
Between July and September, Venezuela's oil GDP plummeted 9.5 percent
Economy
State-run oil company Petróleos de Venezuela (Pdvsa) reported on Thursday a 67 percent decline in profits during the first six months of the year, which stood at USD 3.17 billion.
Pdvsa's revenues plunged 52 percent to USD 32.49 billion, according to the financial statements posted on the company's website, Reuters reported
South America's top oil exporter suffered a contraction in the last three quarters.
Between July and September, Venezuela's oil GDP plummeted 9.5 percent, contributing to an overall 4.5 percent contraction in Venezuela's economy.
Pdvsa has placed USD 6.2 billion in bonds this year and is preparing a third bond issue to pay off mounting debts to goods and service companies.
On the Cover
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