Puma Energy has reported a decline in year-on-year EBITDA and gross profit as a result of challenging market conditions.
The company recorded its gross profit as $341 million, impacted by lower unit margins across most markets, given the devaluation of foreign currencies against the US dollar and adverse market conditions.
Its EBITDA was $133 million, above the second quarter figures but it was still negatively impacted by lower unit margins, while opex have been contained.
CFO Denis Chazarain says: ‘The challenging conditions outlined in our half year results have continued to impact performance in the third quarter, resulting in lower unit margins and a decline in year-on-year EBITDA and gross profit. Management has maintained strict discipline over the period in relation to costs, capital expenditure and working capital, helping to generate the strong cash flows required to meet Puma Energy’s net debt to EBITDA and financial obligations.’
He adds: ‘We will continue to operate with the same level of discipline for the foreseeable future to address challenges faced in our operating markets, as a result of currency devaluations against a strengthening US dollar and oil price volatility. Despite these headwinds, third quarter sales volumes increased 8% compared to last year.’