UPDATE 2-Brazil's Petrobras quarterly profit soars 68 pct

(Recasts, adds analysts, costs, exports and imports)

By Denise Luna and Andrei Khalip

RIO DE JANEIRO, May 12 (Reuters) - Brazilian state oil company Petrobras posted on Monday a 68 percent rise in its first-quarter net profit, beating market expectations, on higher oil output and prices of some fuels it sells.

Petroleo Brasileiro SA (PETR4.SA: Quote, Profile, Research, Stock Buzz)(PBR.N: Quote, Profile, Research, Stock Buzz) said net consolidated profit totaled 6.9 billion reais ($4.1 billion), up from 4.1 billion reais a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 13.8 billion reais from 11 billion a year ago.

Analysts, on average, had expected net consolidated profit of about 5.6 billion reais and EBITDA -- a key measure of cash flow -- of 12.6 billion reais. The net income was also 37 percent higher than in the fourth quarter of last year, while EBITDA rose 15 percent from the previous quarter.

"The net profit came way above expectations, and it's already impacting the stock in after-market trades," said Nelson Rodrigues de Matos, an analyst with Banco do Brasil in Rio de Janeiro, expecting the shares to rise on Tuesday.

Petrobras shares closed 0.18 percent higher at 45.75 reais on the Sao Paulo Stock Exchange before the results were announced, even as world oil prices fell.

Net revenue rose 21 percent from the same quarter of 2007 to nearly 46.9 billion reais, largely in line with forecasts.

Rodrigues de Matos said the EBITDA margin effectively dropped if nonrecurrent payments into the company's Petros pension fund were discounted from last year's results.  Continued...