São Paulo – This Friday (26th), the Brazilian state-owned oil company Petrobras reported a net profit of R$ 5.567 billion (US$ 2,75 billion) in quarter three this year, as against a loss of R$ 1,346 billion (US$ 664 million) in the preceding quarter. The company ascribed the result to a 7.83% increase in gasoline price in June, a 3.94% increase in diesel price in July, and a 6% increase in diesel price in July, lower operational spending, and exchange rate stability.
In the nine month period ended September, however, Petrobras posted a net profit of R$ 13 billion (US$ 6,4 billion), down 52% from the same period in 2011. According to the company, the decline stemmed from the depreciation of the Brazilian real against the US dollar seen in the first half, increased operational spending, and the need to step up derivatives imports due to increased domestic demand.
*Translated by Gabriel Pomerancblum
