Brazil’s Petrobras Gets Record US$ 6.8 Billion Net Profit

Petrobras, the Brazilian oil company, registered last year a consolidated net profit of US$ 6.8 billion. According to the state owned company’s press advisory, this was the greatest result in the history of Petrobras, which also obtained record values in 2004 in investments, 21.8 billion reais (US$ 8.3 billion) and net sales, 108.2 billion reais (US$ 41 billion).

According to a statement released by Petrobras, the Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) added up to 36 billion reais (US$ 13.7 billion), an increase by 10% in relation to the previous year. The sales increased by 12.5 billion reais (US$ 4.7 billion) over 2003, which contributed to this term’s record profit.


Petrobras attributed the expansion not only to the increase in volumes sold, but also to the prices of derivatives on the domestic market, linked to the oil prices in the international market, as well as a reduction in 2.7 billion reais (US$ 1.0 billion) in the operating expenses.


The gross profit obtained in 2004 totalled 45.1 billion reais (US$ 17.1 billion), an increase in 5% over 2003. The value of the state owned company shares grew 26.6% (ordinary) and 27.2% (preferred capital stock).


The company’s market value hit a record of 112.5 billion reais (US$ 42.7 billion) on the 30th of December last year – 29% increase in relation to 2003.


Due to the year’s result and Ebitda, the Petrobras Board of Directors will propose at the next shareholders’ meeting, to take place on the 31st of March, the distribution of 5.44 billion reais (US$ 2.1 billion) in dividends, which corresponds to 4.60 reais (US$ 1.75) per share.


Translated by Silvia Lindsey
ABr

Tags:

  • Show Comments (0)

Your email address will not be published.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

Brazil Offers US$ 11 Million to Help Small Companies that Innovate

In Brazil, the government of the state of São Paulo, the richest in the ...

Standard & Poor’s Once Again Upgrades Brazil’s Credit Rating

US-based financial compass Standard & Poor’s says it has revised its outlook on Brazil’s ...

Lula and Chavez Celebrate in Caracas Brazil Senate’s Vote for Venezuela

In a divided vote, Brazil's Senate foreign relations committee approved this Thursday, October 29, ...

Brazil Needs Help of the Rich to Stop Amazon’s Destruction

The international conservation organization World Wide Fund for Nature (WWF) is warning that a ...

Slave Labor in Brazil Might Reach as Many as 40,000

Since the beginning of the Luiz Inácio Lula da Silva administration in Brazil, in ...

Brazil Calls Doha Round Talks Collapse a Major Setback

Negotiations for a new global free trade agreement fell through Monday, July 24, after ...

Brazil’s Wookworkers Get a Coat of Technology

The main entities in Brazil’s furniture sector want to increase the technology access of ...

Brazil Uses Trading Companies to Boost Exports

Brazil's Export and Investment Promotion Agency (Apex) launched a new project to encourage business ...

Press Association of Americas Wants Journalist’s Killer Brought to Justice

Newspaper readers throughout the Americas are being urged by the  Inter American Press Association ...

Messiahs, Troubadours, and Bards of Brazil

I knew I had to visit Juazeiro do Norte, Ceará, as soon as I ...