Brazil Petrobras Q1 net earnings down 17% on lower output

27 April 2013 00:43  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazil’s state energy producer Petrobras reported on Friday first-quarter net earnings of Brazilian reais (R) 7.69bn ($3.85bn, €2.96bn), down by about 17% from R9.21bn in the previous-year quarter.

Petrobras attributed the drop in earnings on a 4% reduction in crude output due to a higher number of stoppages and to the natural production decline of the fields.

The company’s operating costs also jumped to R53.7m, 17% higher compared with the previous-year quarter.

First-quarter net revenues reached R72.5bn, up by 10% compared with sales of R66.1bn in the first quarter of 2012. Increased revenues were driven by higher domestic fuel prices, Petrobras said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at R16.2bn, down by about 2% year on year.

($1 = €0.77, $1 = R2.00)

By: Simon West

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