Brazil Petrobras quarterly profit rises sharply
RIO DE JANEIRO, May 12 (Reuters) - Brazilian state oil company Petrobras said on Monday its first-quarter net profit rose 68 percent from a year-ago 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 reais a year ago.
Analysts, on average, had expected the oil giant to post net consolidated profit of about 5.6 billion reais and EBITDA -- a key measure of cash flow -- of 12.6 billion reais. ($1 = 1.67 reais) (Reporting by Denise Luna, writing by Andrei Khalip; Editing by Andre Grenon)
© Thomson Reuters 2008 All rights reserved
Sphere
Obama in Iraq twist
