• Categories
  • Archives

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Your email address will not be published.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

Secret Is Out: Agile Is GM’s 100% Brazilian Car

General Motors Brazil disclosed the first undisguised image of Chevrolet Agile, a new model ...

Tasting Noel

There has been a revival of Noel Rosa’s life and work. But who is ...

Ten to Remember

It was never so easy to know every detail of Brazil with the help ...

Houston, We Have a Brazilian

Brazil is more committed than ever to its space program after the recent mishap ...

Lula Vows in Portugal to Stay Brazil’s Course

In a speech today at the opening of a seminar on new business opportunities ...

Brazil and Chile Discuss Human Rights

President Luiz Inácio Lula da Silva is in Chile to discuss accords in the ...

How to Become a Carioca

Postcards from Rio People are not pedestrians here, they are targets. Traffic signals are ...

One Year Later Relatives of Brazilian Slain by London Police Feel no Closure

Family and friends of a Brazilian man who was mistaken by London police officers ...

Foreign Market for Brazilian Chicken Grows 40%

The Brazilian Poultry Exporters Association (Abef) estimates that chicken exports up to the end ...

In Brazil Two Market Record Days Are Followed by Dive

Latin America gave up some of the impressive gains collected yesterday when Brazil and ...