Brazil Petrobras Q3 income falls 39% on higher costs

26 October 2013 00:16  [Source: ICIS news]

HOUSTON (ICIS)--Brazil state energy producer Petrobras reported on Friday a Q3 net income of reais (R) 3.40bn ($1.55bn, €1.12bn), down 40% from R5.57bn a year prior, as costs rose faster than sales.

The company reported Q3 sales of R77.7bn, up more than 5% from R73.8bn from the same time last year.

Cost of sales was R61.1bn, up nearly 10% from R55.7bn from the year prior.

Operational expenses were R11.1bn, up nearly 17% from R9.49bn from the same time last year.

($1 = €0.72, $1 = R2.20)

By: Al Greenwood
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