Transportadora de Gas Del Sur S.A. reported consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total net revenue of ARS 875.7 million, up from the ARS 608.1 million recorded in the same period of 2011. Net income was ARS 103.5 million, or ARS 0.130 per share compared with ARS 79.0 million or ARS 0.099 per share a year ago. Earnings per ADS were ARS 0.651 against ARS 0.497 a year ago. Operating income of ARS 288.2 million against ARS 177.7 million a year ago. Net income before income tax was ARS 159.8 million against ARS 124.1 million a year ago.

For the year, the company reported net income of ARS 239.2 million, or ARS 0.301 per share compared to ARS 230.7 million, or ARS 0.290 per share in the fiscal year ended December 31, 2011. Earnings per ADS were ARS 1.505 against ARS 1.452 a year ago. The increase in the net income for the fiscal year and the three-month period ended December 31, 2012, compared to the same periods of 2011, was mainly driven by a better performance of the Production and Commercialization of Natural Gas Liquids (Liquids) business segment, which mostly explains the increase in operating income in both periods. Total net revenues were ARS 2,575.0 million compared to ARS 1,853.9 million a year ago. Operating income of ARS 705.7 million against ARS 552.5 million a year ago. Net income before income tax was ARS 369.5 million against ARS 359.5 million a year ago. Cash flows provided by operating activities was ARS 535.1 million against ARS 440.4 million a year ago, mainly due to the higher cash flow generated by the Liquids business, which was partially offset by the decline in cash flow generated by the Natural Gas Transportation business. Additions to property, plant and equipment was ARS 215.4 million against ARS 168.3 million a year ago. The increase in the net income for the fiscal year and the three-month period ended December 31, 2012, compared to the same periods of 2011, was mainly driven by a better performance of the Production and Commercialization of Natural Gas Liquids ("Liquids") business segment, which mostly explains the increase in operating income in both periods. This positive effect was partially offset by a higher foreign exchange loss in the fourth quarter and full year periods as the Argentine peso's devaluation was greater than in 2011's.