Transportadora de Gas del Sur S.A.(US:TGS)2020-03-09 17:35Financial Performance - TGS's net income decreased significantly by Ar$7,671 million, a 64% drop, from Ar$12,027 million in 2018 to Ar$4,356 million in 2019[7] - Net revenues from natural gas transportation decreased by Ar$735 million, a 12% decrease, from Ar$5,910 million in 2018 to Ar$5,175 million in 2019[9] - Net revenues from liquids decreased by Ar$348 million, a 5% decrease, from Ar$7,255 million in 2018 to Ar$6,907 million in 2019[11] - Other operating result increased by Ar$260 million, a 94% increase, from Ar$(278) million in 2018 to Ar$(18) million in 2019[18] - Net financial results decreased by Ar$3,326 million, an 86% decrease, from Ar$3,859 million in 2018 to Ar$533 million in 2019[20] Revenue Variations - Natural gas transportation revenues were negatively impacted by an inflation adjustment effect of Ar$936 million but positively influenced by a 26% tariff increase effective from April 1, 2019, contributing Ar$1,062 million[9] - Liquids revenues were affected by lower international propane prices (more than 30%), lower ethane prices (15%), and lower ethane volumes, but were offset by higher propane and butane export volumes[11] - Other services revenues increased by Ar$16 million, a 2% increase, from Ar$747 million in 2018 to Ar$763 million in 2019, influenced by inflation adjustment, higher US dollar exchange rate, and more midstream services[13] Cost and Expenses - Cost of sales and administrative and selling expenses decreased by Ar$935 million, a 10% decrease, from Ar$(8,965) million in 2018 to Ar$(8,030) million in 2019, mainly due to lower natural gas costs[15] Income Tax - Income tax decreased by Ar$4,415 million from Ar$3,456 million in 2018 to Ar$(959) million in 2019[22] Recent Events - Commissioning of the North Tranche pipeline extension and the natural gas conditioning plant in Tratayén in December 2019[4] - Launch of the sixth buy back program on March 6, 2020, for up to Ar$25 billion[4]