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

Tags:

  • Show Comments (4)

  • ch.c.

    Is this a lot…..from a mostly commodities producing country……
    …during a cycle of commodities boom ??????

    That represents 15 % OR SO…..compounded annually !!!!!!!

    What will happen when the cycle ends ?
    An economic collapse !!!!

    Profits growth of 15 % is only a well managed company…..NOT producing commodities !

  • João da Silva

    [quote]congress needs to raise the minamuin wage[/quote]

    Hey Forrest, minimum wages for the congressmen? They already have very high ones!

  • forrest allen brown

    and yet no more money for the workers
    the rich are getting richer and the poor cant even buy

    food , on what they are paid

    this breeds hate and thefit from business and owners as they see there hard work

    go unrewared no matter how hard they work

    congress needs to raise the minamuin wage

  • João da Silva

    [quote]Brazil’s corporations from 21 different business sectors doubled their profits in the five years of President Luiz InÀƒ¡cio Lula da Silva administration (2003/2007), according to information disclosed by EconomÀƒ¡tica consultants in SÀƒ£o Paulo, in the Brazilian Southeast.[/quote]

    A very good Friday evening news. The article proves that the generally accepted view of how friendly our government is towards the businesses is quite correct.I think that our beloved Prez is doing a great job. This great nation owes him a million thanks. Keep up the good work, Mr.President

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

Don’t Expect Brazil’s Ultra-Deep Sea Oil Flowing Before 2013

Sergio Gabrielli, the CEO of Brazil's state-controlled oil and gas multinational Petrobras said that ...

Police Visit Brazilian Mall on Opening Day. 70% of Products Were Pirated

A new shopping mall catering to electronics buyers just opened last Friday, September 15, ...

Another Killer of Brazilian TV Reporter Out of Jail With Still 20 Years to Serve

Brazilian authorities have announced this past December 30 that Cláudio Orlando "O Ratinho" (The ...

Communist Party Should Lose Control of Brazil’s Sports Ministry After Corruption Scandal

Brazil’s Sports minister, Orlando Silva, during testimony that lasted more than three hours, denied ...

Brazil Inflation Won’t Make the 5.1% Official Target

Forecasts for this year’s inflation have been rising for five straight weeks, increasingly removed ...

Brazil: Gas Pipeline Main Topic of Lula-Kirchner-Chavez Summit

The construction of an 8,000 kilometer-long gas pipeline between Caracas, Venezuela, and Buenos Aires, ...

After 2 years, Brazil’s Lula Gets Brave and Faces the Press

For prince Hamlet, the fundamental dilemma was expressed through his “to be or not ...

Brazil In Search of New Foreign Markets for Its Leather

Brazil saw a 35% growth in its leather exports in 2006. Brazilian tanneries earned ...

Chilean Hooligans Have 72 Hours to Leave Brazil or Be Deported

The invasion of the press center of the Maracanã stadium, in Rio, Brazil, moments ...