Brazil Petrobras swings to Q2 net profit on higher sales

10 August 2013 00:02  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based energy producer Petrobras reported on Friday a Q2 net profit of reais (R) 6.20bn ($2.72bn, €2.04bn), up from a net loss of R1.35bn in the same quarter a year before, as sales rose faster than costs.

Q2 sales were R73.63bn, up more than 8% from R68.0bn from the same time last year. Cost of sales was R54.9bn, up almost 6% from R52.0bn from the same time last year.

Operating expenses also fell by 29% to R7.60bn. The company also took a smaller R2.27bn loss from its net financial result, compared with R6.73bn in Q2 2012.

Petrobras attributed the increase in net profit to higher prices for diesel and gasoline. Fuel production also increased. In addition, the company took fewer losses from dry wells.

($1 = €0.75, $1 = R2.28)

By: Al Greenwood
+1 713 525 2645

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