Brazil’s Petrobras Has Record US$ 9.7 Billion Net Profit in First Half

Petrobras headquarters in Rio de Janeiro, Brazil Brazil state-controlled oil and gas multinational Petrobras had record profit in the second quarter of the year, with 8.787 billion reais (US$ 5,442 billion), 29% over the total identified in the same period in 2007. The company's net profit during the first half of the year was also a record 15.708 billion reais (US$ 9.728 billion), 44% more than in the same period last year.

On disclosing the figures, the company's CFO and Investor Relations director, Almir Barbassa, pointed out that the figures are record. He attributed the high profits to elevation of oil prices on the foreign market and to price increases of gasoline and diesel oil.

Also according to Barbassa, the increase in sales contributed to the Petrobras result too. In the first semester, Petrobras invested 20.899 billion reais (US$ 12.942 billion).

The Petrobras market value at the end of the first half of the year reached R$ 457 billion (US$ 283 billion) – growth of 87% over the first half of 2007. In the evaluation of Petrobras, the significant growth was partly boosted by the discovery of gas and light oil in the pre-salt region of Santos Basin, and also by the perspective of greater production – aligned to an increase in international oil prices.

On August 8th, however, the company's value dropped to R$ 332.167 billion (US$ 205.702 billion). On informing the market value reduction to the market, the company justified as follows:

"The uncertainties surrounding the global economy, the strong movement of generalized share sales – not only in Brazil, but also worldwide – aligned to a landing of the global economy, with lower demand and retraction of oil prices, and of commodities as a whole, especially affected the price of Petrobras shares "a high liquidity paper that makes it very easy for investors to sell".



  • 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Your email address will not be published.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.


You May Also Like

Brazil Sells 3 Airports for US$ 14.3 Billion, 4 Times Over the Asked Price

For the Brazilian government the privatization of three airports turned into a more than ...

Clear Water and Traditions

Darcília read the note several times and only understood the message when she saw ...

Brazilian Sebastií£o Salgado Pans ‘Greediness of Soybean Culture’

The Brazilian world-renowned photographer Sebastião Salgado was an illustrious guest at the Kuarup (an ...

Look at Those Hoopsters!

While the WNBA is considered a career advance for women with basketball career aspirations, ...

Brazil Cuts a Rhode Island Worth of Amazon or Much More in 3 Months

Preliminary data reported this Wednesday, January 23, by the Brazilian Environment ministry and the ...

Brazil’s Embraer Deliver 63 Airplanes. 298 Others Have Been Ordered.

Embraer, the Brazilian aircraft manufacturer announced today, July 17, 63 airplanes were delivered in ...

In Brazil the Economic Climate Index Is Hot (7.8), LatAm’s Hottest

Economic Climate Index (ECI) of Latin America, developed between the German Ifo Institute from ...

Scared of Bird Flu, Chicken Farmers in Brazil Demand Prompt Action by Government

The Brazilian Association of Chicken Exporters (ABEF), Monday, February 20, urged the federal government ...

Brazilian Stocks Mirrors US Market and Fall

Latin American stocks were mixed, with Brazilian stocks dipping, in line with the U.S. ...

Brazilian market sells organic fruit

Brazil Is World’s Second Largest Producer of Organics and 70% Is Exported

Sales of organic products at supermarkets in Brazil should surpass 1.25 billion Brazilian reais ...