US$ 7.4 Billion: Brazil Petrobras’s Profit Falls 20% in First Half

BR gas distributor Brazilian state-controlled oil and gas multinational Petrobras had net profit of 13.55 billion Brazilian reais (US$ 7.4 billion) in the first half of the year, a result that represents a reduction of 20% when compared with the same period last year.

From January to June, 2008, the company profit was 16.956 billion (US$ 9.3 billion). This information was disclosed by the company.

In the second quarter of this year (April to June), the company's net profit was 7.734 billion reais (US$ 4.2 billion), a reduction of 20.4% over the same period last year, when the profit totaled 9.717 billion reais (US$ 5.3 billion). When compared to the first quarter of this year, when profits totaled 5.816 billion reais (US$ 3.2 billion), profit rose 33%.

The company's earnings before interest, tax, depreciation and amortization (EBITDA) was 17.513 billion (US$ 9.6 billion) in the second quarter of this year, a reduction of 6% over the same quarter in 2008.

With regard to the first quarter, the EBITDA has grown 30.47%. Petrobras revenues dropped 20% in the second quarter of this year when compared to the same period in 2008, and totaled 44.6 billion reais (US$ 24.3 billion).

BR Distribuidora

BR Distribuidora announced that it had net profit of 661 million Brazilian reais (US$ 336 million) in the fist half of this year. This result represents a 1.4% reduction in comparison with the 671 million accumulated between January and June 2008.

The Petrobras subsidiary sold 20 billion liters of fuel in the first six months of 2009, growth of 9.4% over the sales in the same period last year. The record sales of derivatives in June, 3.49 billion liters, was broken in July, when the company traded 3.75 billion liters.

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