Venezuela PDVSA's profits down 63 percent in first quarter: bond prospectus

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 [PDVSA.UL] 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. More…