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SAN DIEGO (AP) - Sempra Energy, the parent of Southern California's two major gas utilities and an energy trading business, on Thursday posted a 65 percent drop in fourth-quarter profits, hurt by investments in Argentina that soured when that country's economy collapsed five years ago.
Sempra earned $125 million, or 48 cents a share, down from $355 million, or $1.38 a share, during the same period of 2005. The latest period included a charge of $221 million for investments in two Argentine natural gas distributors.
Excluding the Argentina charge and smaller charges, Sempra earned $1.42 a share, beating an estimate of $1.20 a share among analysts surveyed by Thomson Financial.
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