• Categories
  • Archives

Brazil’s Petrobras Posts Record Profit of US$ 11 Billion for First 9 Months

Petrobras Brazilian state-controlled oil multinational Petrobras's profit in the first nine months of 2008, of 26.56 billion Brazilian reais (US$ 11.63 billion), according to the organization's results disclosed this Tuesday, November 11, is the greatest registered by a Brazilian traded company in the last 21 years. according to consultancy company Economática.

Petrobras broke the record established in 2006, which was its own.

According to Einar Rivero, a director at Economática, in the list of 20 greatest profits ever obtained by listed companies, also included are those of mining company Vale do Rio Doce, which this year reached 19.2 billion reais, placing the company in third place, behind the Petrobras results for this year and 2006.

According to Rivero, the Bradesco profit, 6.01 billion reais in the first three quarters of the year, place the bank in the 14th position, and Itaú, with 5.93 billion in the period, is in the 18th position.

If the dollar values for the third quarter are considered, according to Economática, Petrobras and Vale are well positioned among the listed companies in Latin America and the United States.

Vale posted profit of US$ 6.49 billion in the third quarter, which places the company in third place, only behind Exxon Mobil and Texaco.

Petrobras comes right after, in the fourth position, with profit of US$ 5.66 billion in the period from July to September. The exchange rates used are for September 30th, when each dollar was going for 1.9143 Brazilian reais.

Anba

Tags:

  • Show Comments (2)

  • Falupa

    Ch. c.
    Are they inflating the price? I don’t understand how they can continue to make a profit especially in a down economy like this one. And oil prices are much lower, decreasing productivity.

  • ch.c.

    results disclosed this Tuesday, November 11, is the greatest registered by a Brazilian traded company in the last 21 years
    …and the top for…YEARS TO COME !

    Just look at today stock prices of Petrobras….DOWN 11,5 %….after the profit annoucement !
    Also look at the average daily price for the 3rd quarter….US$ 118.- also a historical record.

    In my view….Petrobras and Cia Vale were only kittens disguised in tigers for a while.
    Kittens they are again, and kittens they will remain for years to come….until the next dress up party !!!!

    Facts are that both stocks prices are DOWN 70 % from their top, when measured in US$, and Exxon is down only 25 % !!!!

    Until the next party…..enjoy !!!!! Things are getting to get much worse before getting any better !

    Some are predicting that iron ore prices may go down by 40 % next year, while Vale still tried to raise their prices until not later than 2 weeks ago !!!! But lets not be as bearish either ! Just a 20 % iron ore price decline will hurt Cia Vale well enough….on top of further production decline already announced – 10 % so far – !!!!

    Hey hey !

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Ten-Story High Floating Platform Goes in Service off Brazil’s Coast

Brazil's government managed hydrocarbons corporation Petrobras began yesterday oil and gas extraction from the ...

Brazilian Judge Explains Anti-US Measure

Since the first of the year, Americans arriving in São Paulo are being photographed ...

US Ambassador to Brazil Held Hostage to Republican Senator’s Intransigence

Nine months after President Barack Obama took office, Washington still lacks two of its ...

Brazil’s Operation Cataracts Seizes 11 Million in Contraband

Operation Cataracts, which is being carried out on the Brazilian border with Paraguay, confiscated ...

Our Future Is Now

While the US has no guts to go after the real terrorists, the Saudis, ...

Brazil Spends US$ 30 Million This Year to Become Heavyweight Tourist Destination

Brazil has started a new international tourism campaign with the message “Brazil is calling ...

Air Traffic Grows 13% in Brazil

Air traffic continues its expansion in Brazil. According to data released by the National ...

Fitch on the Lookout After Brazil Intervenes at Bank

On the night of November 12, 2004, the Brazilian Central Bank intervened at Banco ...

Brazilian Group Builds Factory for New Jeep

The idea of a group of businessmen from the southern Brazilian state of Santa ...

Brazil Goes on Spending Spree and Gets Worst Primary Surplus since 1991

Spending too much was the main reason for the worse primary account result, in ...