BOGOTA, May 12 (Reuters) - Net profit at Colombia’s state-controlled oil producer Ecopetrol tumbled 96 percent in the first quarter from the same period last year, largely due to the sharp drop in crude oil prices since the middle of last year.
The company posted a consolidated net profit of 160 billion Colombian pesos ($67.2 million) in the quarter, compared with 3.88 trillion pesos in the same period a year earlier.
Earnings before interest, taxes, depreciation and amortization, EBITDA or cash flow, fell 60 percent to 3.15 trillion pesos in the first quarter versus 7.86 trillion pesos in the same period of 2014.
The company’s consolidated oil and gas production, which includes subsidiaries, rose 1 percent from the first quarter last year to 773,400 barrels per day equivalent. The non-consolidated figure for Ecopetrol alone was 722,000 barrels.
Ecopetrol said its latest results and comparative year-ago figures were prepared according to newly adopted NIIF international accounting standards, meaning figures reported for the first quarter of 2014 have now changed. ($1 = 2,382.5000 Colombian pesos) (Reporting by Peter Murphy; Editing by Ken Wills)