Brazil's Petrobras Q1 profits drop 16% year over year

16 May 2012 00:11  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazil's Petrobras', first-quarter profits slipped 16% year over year on heavy crude and fuel imports, the chief financial officer of the state-run energy producer said on Tuesday.

Petrobras registered a first-quarter net profit of Brazilian reais R9.21bn ($4.6bn,
3.6bn), down 16% from R10.99bn in the same quarter last year, chief financial officer Almir Barbassa said during an earnings presentation.

Petrobras also recorded first-quarter revenue of R66.1bn, up 21% from R54.8bn in the first quarter of 2011.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first quarter were R16.5bn, up from R16.1bn during the same time period year over year.

The volume of crude processed in Petrobras refineries reached 1.88m bbl/day, a 2% increase over the same time period the previous year. The company recorded a refinery capacity utilisation rate of 94% during the quarter.

The production of fuel derivatives during the first quarter was 3% higher year over year, while sales in the domestic market increased by 10% from last year, Barbassa said.

The increase was attributed to higher sales of diesel and gasoline.

Petrobras adjusted their refineries to produce more gasoline and diesel in 2011, the company said. However, a significant portion of domestic demand growth had to be met by imports.

($1 = R1.99) 
($1 = €0.78)

By: Leela Landress
+1 713 525 2653

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