CALGARY - Petrominerales Ltd. (TSX:PMG) of Calgary is reporting a 37 per cent drop in adjusted net income in the third quarter of 2012.
The oil and gas company operating in Latin America says its adjusted net income fell to US$36.9 million, or 41 cents per share, in the quarter that ended Sept. 30 from $58.8 million, or 58 cents per share, in the same period last year.
For the nine-month period that ended Sept. 30, the company had an adjusted net income of $155.5 million, or $1.63 per share, compared to $248.5 million, or $2.41 per share, in the same period last year.
Funds flow from operations for the third quarter of 2012 fell to $151.9 million from $196.4 million in 2011.
Petrominerales says its financial position remains strong despite the poor third-quarter performance.
The company says it has $33.8 million cash on hand and access to a completely undrawn credit facility.