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".

ABr

Tags:

You May Also Like

RAPIDINHAS

Judith Kay is fascinated with Brazil and its music. After falling in love with ...

Brazilian Church Files 28 Lawsuits Against Brazil’s Largest Newspaper

Brazilian journalist Elvira Lobato and the newspaper for which she works, Folha de S. ...

A Brazilian Appeal: Help Haiti, Fast!

The Brazilian Minister of Defense, José Viegas, reinforced today the need for international aid ...

Brazil’s Development Minister Vows Less Tax and Red Tape for Foreign Trade

During the opening of the 26th National Foreign Trade Meeting (Enaex) this morning, November ...

Brazil’s Industry and Labor Unions Decry 11.75% Key Interest Rate

In Brazil, the Central Bank’s Monetary Policy Committee (Copom), for the second time this ...

Jazz Can’t Resist Brazil

For decades, the recordings and live appearances of famous and less celebrated American singers, ...

May 1993

CONTENTS: Cover: Yanomami Indians losing battle (p. 7) Short stories: Excerpts from Carlos Queiroz ...

Brazil and Cameroon Sign Cooperation Accords

Brazilian government signed yesterday cooperation agreements with the government of The Republic of Cameroon ...

Brazil: Accomplice in Killing of US Nun Gets 18 Years in Jail

An Amazon farmer was sentenced to 18 years in prison for his role in ...