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Argentina's YPF 3rd-Quarter Profit Down 51% on Year at $159 Million

11/07/2012 | 08:26am US/Eastern
    By Shane Romig 
 

BUENOS AIRES--State-run oil and gas producer YPF SA (YPF, YPFD.BA) saw its profits during the third quarter plunge 51% on the year to ARS756 million ($159 million), the company reported Wednesday.

Profit during the quarter was affected by the booking of a deferred tax during the quarter that diminished the result by ARS408 million, YPF said in an exchange filing.

YPF also announced a dividend of ARS303 million to be paid on Nov. 19.

Earlier this year, President Cristina Kirchner expropriated a 51% stake in YPF, Argentina's largest oil and gas producer, from Spain's Repsol SA (REPYY, REP.MC) in a dispute over investment. The government has hinted that Repsol might not receive any compensation.

YPF's shares were up 1.3% at ARS72.25 in early trade.

Write to Shane Romig at shane.romig@dowjones.com

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