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Ecopetrol shares slump on week quarterly profits

Wednesday, October 31, 2012

Shares of Colombia's Ecopetrol fell sharply early Tuesday in Bogota after the state-controlled oil company reported a 22 percent drop in profits last quarter, leading analysts to tell investors to sell the stock.

The compAnalysts at InterBolsa, Colombia's top brokerage firm, called the earnings report "significantly below expectations," and blamed the reduced profits on lower production, lower sales volumes and higher operating costs.

Source: Dow Jones Newswires