Brazil's Petrobras hits Q2 net loss on higher costs

04 August 2012 00:21  [Source: ICIS news]

HOUSTON (ICIS)--Brazil state energy producer Petrobras reported on Friday a net loss of reais (R) 1.346bn ($656.6m, €538.4m), down sharply from a net income of $10.944bn reported for the same time last year.

Petrobras reported a net loss because costs rose much more quickly than revenues.

Petrobras reported second-quarter revenues of R68.047bn up 11.5% from R61.007bn reported for the same time last year.

Cost of sales were R52.032bn, up 26.8% from R41.032bn reported for the same time last year.

As a result, second-quarter gross profit fell nearly 20% year on year.

Petrobras attributed to net loss to the real, which weakened against the US dollar.

Petrobras was also dragged down by higher exploration costs.

($1 = R2.05)
($1 = €0.82)


By: Al Greenwood
+1 713 525 2645



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