Capex posts US$93k 3-mth losses

Argentine energy company Capex posted losses of 271,000 pesos (some US$93,000) during the three months to July 31, the company said in a statement to the Buenos Aires stock market Wednesday. Accumulated losses were 97.2mn pesos at July 31 and the company's working capital deficit was 787mn pesos, the statement said. Capex produces oil and gas in the Comahue region of southwest Argentina, and generates power at the wellhead. The company's power production fell 5.82% to 1,198GWh in the three months to July compared to the same period 2002. Power sales fell 8.48% to1,177GWh as a result of plant maintenance work. Sales revenues increased 8.9% to 36mn pesos despite pesofied rates, because of price increases brought on by greater demand. Oil production decreased 12.8% to 16,886 cubic meters because of the lower demand for gas, which in turn resulted from lower power demand, the statement said.