The headquarters of Argentina’s state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto

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March 3 (Reuters) – Argentine state oil company YPF (YPFD.BA) on Thursday posted a $247 million net profit in the fourth quarter 2021, a 54% drop compared to the year-ago period.

The company said profit was hurt by high international prices that could not be fully passed onto local customers. However, revenue grew from some of its main petroleum products like naphtha, natural gas and gasoil.

YPF, which leads the development of the South American country’s massive Vaca Muerta shale formation, posted fourth-quarter revenue of $3.62 billion, a 60% jump year-on-year.

The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose more than three-fold to $834 million.

“Local demand for fuels in (the fourth quarter) increased above pre-pandemic levels, with growth in local sales of gasoline and diesel of 7.2% and 6.9%, respectively, consolidating a better-than-expected annual recovery,” the company said in its report.

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Reporting by Carolina Pulice, Nicolas Misculin, Eliana Raszewski and Noe Torres; Editing by David Alire Garcia and Lisa Shumaker

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March 2 (Reuters) – Britain’s Hiscox (HSX.L) reported an annual profit on Wednesday, as it recorded higher premiums in its reinsurance as well as property and casualty businesses, and said it had “negligible exposure” in Ukrainian and Russian assets.

The British insurance industry is on a path to recovery as rising insurance premiums rates have helped offset payouts of hefty claims for a number of covers including business interruptions during the pandemic. read more

Shares in London-listed Hiscox were up nearly 5% in early trading. The company also flagged limited direct insurance exposure through certain lines including terrorism, political violence war and marine.

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The London-listed firm also posted a 5.9% increase in its full-year gross premiums written to $4.27 billion, as it saw strong customer growth in its retail insurance unit.

The Lloyd’s of London insurer, which underwrites a range of risks, benefited from rising insurance premium rates and reported a pretax profit of $190.8 million for the year ended Dec. 31, compared with a loss of $268.5 million in the year-earlier period.

Combined ratio – a key measure of profitability – was 93.2% versus 114.5% a year earlier. A level below 100% indicates an underwriting profit.

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Reporting by Sinchita Mitra in Bengaluru; Editing by Anil D’Silva

Our Standards: The Thomson Reuters Trust Principles.