Relapasa Drops Most in 12 Weeks on Quarterly Loss
Refineria la Pampilla SA, the Repsol SA unit known as Relapasa, fell the most in 12 weeks after reporting a loss for the second quarter.
The owner of Peru’s largest oil refinery dropped 5 percent to 57 centimos in Lima trading, the biggest intraday decline since May 8.
“Investors reacted to the company’s second-quarter loss,” said Jose Luis Bustamante, head of trading at Cartisa SAB. “The market is anticipating a general slowdown in consumption.”
Relapasa posted a $25.1 million loss in the second quarter after a $37 million profit in the same period a year earlier as sales costs rose 13 percent, according to the earnings statement. Peru’s oil refining industry shrank 10 percent through May as gasoline sales fell, according to the National Statistics Institute.
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