January 22, 2025 13:08 GMT
PERU: Petroperú Expected To Return To Profit This Year
PERU
- Petroperú is likely to have recorded a preliminary loss of $968mn in 2024, according to Chairman Alejandro Narváez quoted by Gestión. Looking ahead to 2025, Narváez estimated that Petroperú would achieve a net profit of $185mn, a positive EBITDA of $738mn and a market share of 38%. He said that January was giving excellent results, despite recent weather disruption and oil spill at a terminal of its Talara refinery, adding that the company would not have to ask for more money from the state ahead.
- After last week’s better-than-expected November activity data, the next key macro release will be January CPI inflation on Feb 1. Last month, annual inflation fell by more than expected to 1.97% y/y, opening the door for the BCRP to deliver another 25bp rate cut to 4.75%. Ahead of the next MCP meeting on Feb 13, analysts say that low inflation and solid external accounts should allow the central bank to move very cautiously towards neutral, although this will likely only equate to one or two additional rate cuts in the coming meetings.
176 words