UPDATE 1-Petrobras Argentine affiliate 4th-qtr profit slips
BUENOS AIRES, Feb 13 (Reuters) - The Argentine arm of Brazilian state energy company Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research) reported slightly lower fourth-quarter earnings on Wednesday.
Net profit slipped to 206 million pesos ($65 million) from 214 million pesos a year earlier. The result was in line with market expectations. The median forecast among analysts polled by Reuters was 205 million pesos.
In a statement to the Buenos Aires Stock Exchange, the unit, Petrobras Energia Participaciones (PCH.BA: Quote, Profile, Research), said net sales rose 29 percent to 3.9 billion pesos, but administrative costs rose, as did financial costs and taxes.
The company said full-year 2007 net profit fell more than 46 percent, to 573 million pesos from 1.064 billion pesos in 2006.
Petrobras Energia Participaciones is the holding company for Petrobras Energia, one of Argentina's top oil and natural gas producers. Petrobras Energia also has oil and gas exploration and production ventures elsewhere in South America as well as Argentine refineries, petrochemicals and electric power holdings and a chain of gasoline stations.
Petrobras Energia Participaciones shares were off 1 percent to 3.72 pesos in midday trade on the Buenos Aires Stock Exchange. ($1 = 3.1725 pesos on Dec. 31) (Reporting by Lucas Bergman, writing by Fiona Ortiz, editing by John Wallace)