Brazil's Petrobras Q3 net income falls 12% on costs

26 October 2012 23:30  [Source: ICIS news]

HOUSTON (ICIS)--Brazil state energy producer Petrobras reported on Friday third-quarter net earnings of reais (R)5.57bn ($2.74bn, €2.11bn), down 12% year on year as costs grew faster than sales.

Last year, Petrobras's third-quarter net income was R6.34bn.

Third-quarter net revenue was R73.79bn, up 16% year on year. Cost of sales was R51.71, up 28%.

Operating expenses were R9.49bn, up 20% year on year.

($1 = R2.03)
($1 = €0.77)

By: Al Greenwood
+1 713 525 2645

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