05 February 2013 01:33 [Source: ICIS news]
HOUSTON (ICIS)--Brazil state energy producer Petrobras posted on Monday a fourth-quarter net income of reais (R) 7.75bn ($3.89bn), up by 53% from R5.05bn from the same time in the previous year.
Fourth-quarter net income rose year on year because of an increase in the company's so-called net financial result, which takes into account the sales of treasury notes and earnings on escrow accounts.
In addition, the company received a tax benefit, which caused its overall tax bill to fall year on year.
Fourth-quarter operating income, which excludes the net financial result and taxes on profits, fell 21% year on year
Operating income fell because costs rose faster than sales.
Fourth-quarter sales were R73.4bn, up by 12% from R65.3bn reported for the same time in the previous year. Cost of sales was R56.8bn, up by 18% from R48.0bn.
Cost of sales also increased quarter on quarter, a development that Petrobras attributed to imports of gasoline and liquefied natural gas (LNG), the company said.
Petrobras imported the fuel to meet rising domestic demand.
Gasoline imports hurt Petrobras's earnings because the company pays international prices for the fuel but sells it at capped domestic prices.
Fourth-quarter operating expenses also rose year on year, reaching R10.4bn, up by 8% from R9.6bn from the fourth quarter of 2011, the company said.
($1 = R1.99)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections