Argentine state oil company YPF stated it posted a net loss of 85 billion pesos ($1.165 billion) in the second quarter of the year, its worst quarterly loss on record, due to the negative impact of the coronavirus pandemic.
"Gasoline sales fell by 85% in the last week of March and from that moment on they gradually rebounded, stabilizing in July with a fall of between 40% and 45%," YPF said in a statement announcing the April-June quarter results.
It cited "mandatory lockdown measures implemented by the government in Q2 2020 to prevent the circulation and spread of the COVID-19 virus."
The firm, which operates gas stations and leads development of Argentina's huge Vaca Muerta shale reserves, posted an operating loss of 93.4 billion pesos, another record loss.
