Companies in Brazil Double Profits

Vale do Rio Doce in Brazil Brazil's corporations from 21 different business sectors doubled their profits in the five years of President Luiz Inácio Lula da Silva administration (2003/2007), according to information disclosed by Economática consultants in São Paulo, in the Brazilian Southeast.

President Lula was first elected in 2002 and re-elected in 2006.

The profits of 257 corporations with shares in the stock market increased 100.76% between 2003 and 2007, which means earnings jumped from the equivalent of US$ 37 billion to US$ 73 billion in 2007; between 2006 and 2007, 20.1%.

The best performance for the fifth year running was the banking sector which managed profits of US$ 14.7 billion last year. Banks are followed by oil and gas, with earnings of US$ 11 billion and mining, US$ 10.2 billion.

If only the profits of oil company Petrobras and mining company Vale do Rio Doce, the two largest corporations of the country are considered, the aggregate profit was US$ 48.7 billion in 2007 compared to US$ 20.3 billion in 2003, an increase of 139.64%.

Just to give an idea, Petrobras profit in 2007 reached US$ 12.7 billion and Vale's US$ 11.9 billion, equivalent to 50.5% of the total registered by all the companies researched by Economática.

Not counting the two giants, the electricity generation sector had profits of US$ 8.6 billion; ironwork and metallurgy, US$ 6.6 billion and telecommunications US$ 4.1 billion.

No wonder the hard core Socialists, former members of the ruling Workers Party, define President Lula da Silva as the father of the poor and the mother of banks?

Mercopress

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