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PERU: Petroperu Reports $805mn Loss In 2024, FinMin Says No New Money This Year

PERU
BulletPeruEM BulletEmerging Market News
  • Petroperu posted a net loss of $805mn last year, compared to a $1.1bn loss in 2023, according to a securities filing. Last month, the company reported a preliminary $968mn loss for 2024. Revenue reached $3.53bn in 2024, down from $4bn in 2023. Last week, newly appointed Finance Minister Jose Salardi said that he would not authorise any new money transfers to the company this year. In November, Petroperu chairman Narvaez said that he expected losses to narrow sharply this year, to $163mn.
  • On the macro front, the calendar remains light this week, with the next major release being February CPI inflation on March 1.
  • The stronger-than-expected economic activity data last weekend revealed that the recovery is on track. After growing by 3.3% last year, Itaú forecasts GDP growth of 2.8% this year, supported by mining and infrastructure projects. The recovery in real income and employment, as well as lower borrowing costs, are also likely to put a floor on consumption growth, although they note the downside risks posed by a renewed trade war.
  • Meanwhile, BBVA sees upward risks to their 2.7% 2025 GDP forecast. They note a significant improvement in domestic demand last year, particularly private spending and public investment, and said available activity indicators point to a positive start to this year.
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  • Petroperu posted a net loss of $805mn last year, compared to a $1.1bn loss in 2023, according to a securities filing. Last month, the company reported a preliminary $968mn loss for 2024. Revenue reached $3.53bn in 2024, down from $4bn in 2023. Last week, newly appointed Finance Minister Jose Salardi said that he would not authorise any new money transfers to the company this year. In November, Petroperu chairman Narvaez said that he expected losses to narrow sharply this year, to $163mn.
  • On the macro front, the calendar remains light this week, with the next major release being February CPI inflation on March 1.
  • The stronger-than-expected economic activity data last weekend revealed that the recovery is on track. After growing by 3.3% last year, Itaú forecasts GDP growth of 2.8% this year, supported by mining and infrastructure projects. The recovery in real income and employment, as well as lower borrowing costs, are also likely to put a floor on consumption growth, although they note the downside risks posed by a renewed trade war.
  • Meanwhile, BBVA sees upward risks to their 2.7% 2025 GDP forecast. They note a significant improvement in domestic demand last year, particularly private spending and public investment, and said available activity indicators point to a positive start to this year.