UPDATE 1-Venezuela PDVSA's profits down 63 pct in 1st qtr -bond prospectus
By Deisy Buitrago
CARACAS, Sept 27 (Reuters) - Venezuela state oil company PDVSA's profits were down 63 percent in the first three months of 2016, compared to the same period last year, according to data published in the company's bond swap prospectus this week.
PDVSA made $2.087 billion in the year to March, compared to $5.677 billion in the same period last year, according to the document.
Income through oil sales and other products fell 33 percent, according to the unaudited document.
The country is undergoing a major economic crisis, with shortages of basic goods, many complaining of hunger and triple-digit inflation.
Oil accounts for 94 percent of foreign income and the government blames low prices, as well as economic sabotage by the opposition and Washington, for the crisis.
The document detailed an improvement in the terms of a bond swap proposal - to boost PDVSA's cashflow - that had initially met with market misgivings.
The oil company increased the ratio of new 2020 bonds it will offer in exchange for outstanding paper that matures in 2017, potentially boosting the interest of bondholders. (Reporting by Deisy Buitrago.; Additional reporting by Corina Pons; Writing by Girish Gupta; Editing by Leslie Adler and Diane Craft)
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