Rio de Janeiro – Petrobras posted a net income of R$ 6.201 billion (US$ 2.719 bn) in quarter two this year, down 19% from quarter one. According to the company’s Finance and Investor Relations director Almir Barbassa, the result was mostly due to the effects of exchange rate depreciation on net indebtedness. From January to March, Petrobras posted a net income of R$ 7.693 bn (US$ 3.374 bn).
Barbassa and other board members spoke to investors this morning while disclosing Petrobras’ results at the company’s headquarters, in downtown Rio de Janeiro. Despite the decline, the result has offset the R$ 1.346 bn (US$ 590 bn) net loss posted in quarter two 2012. Barbassa explained that the company’s actions to cushion the impact of the exchange rate on future exports (hedge accounting) have prevented R$ 8 billion (US$ 3.5 bn) in losses.
Barbassa highlighted the contribution of the Disinvestment Program (Prodesin) to the good financial results in quarter two, with sales of 50% of assets in Africa having generated R$ 1.9 bn (US$ 833 mn) in revenues, leading to a R$ 3.4 bn (US$ 1.4 bn) increase in cash flow. “Operating income was high and cash flow has increased significantly. The Prodesin was crucial in boosting cash flow. By quarter two, disinvestments amounted to US$ 1.8 bn,” he said.
*Translated by Gabriel Pomerancblum
