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Argentina oil company Astra registered US$6.8mn net income for the second quarter of 1998, down on US$16mn earnings during the same period last year. Consolidated gross income stood at US$56.3mn, compared with US$41.9mn in 1997. Operational income dropped US$6.5mn to US$21.9mn over the same period.
The company said two external factors affected their results: low international oil prices, which caused a significant income drop for Astra's Exploration and Production Division; and over supply of hydroelectric energy in Argentina, which caused a drop in the price of electricity and in the demand of natural gas.
Astra financial costs rose some US$7.1mn due to the acquisition of more assets.
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