Rio de Janeiro – Petrobras announced its balance sheet for the third quarter of the year, highlighting a net profit of 6.336 billion reais (US$ 3.6 billion), 42% lower than in the second quarter figure of 10.942 billion reais (US$ 6.2 billion). There was also a decline compared with the third quarter of 2010, at 8.566 billion (US$ 4.8 billion). In the first nine months of the year, the net profit reached 28.264 billion reais (US$ 16.1 billion), 15% higher than in the same period of last year, when the net profit stood at 24.588 billion reais (US$ 14 billion).
The results were announced by the Petrobras Finance and Investor Relations director, Almir Barbassa, who partly ascribed the negative third quarter figure to exchange rate fluctuations, but claimed it will have no major unfavourable effects on the company. “The company’s cash flow has remained stable. It is not affected by exchange rate variations, which do affect the net result. Still, the cash flow, which is very important considering the business plan we are to implement, has maintained its rate and even grew, quarter-on-quarter,” explained Barbassa.
Domestic sales of oil derivatives grew by 4% during the quarter compared with the previous one, highlighting diesel (+9%) and aviation kerosene (+6%). “Consumption is growing faster than the GDP [Gross Domestic Product] in Brazil due to factors such as income distribution. Overall, consumption grew more than production during the period. Production grew by 1%, compared with last year, and consumption measured by Petrobras grew by 9%.”
Sales of natural gas increased by 8% in the third quarter compared with the preceding three month period, the highlights being an increase in natural gas consumption, from 53,000 barrels per day in the second quarter of the year to 73,000 barrels per day in the third quarter. In comparison with the third quarter of 2010, there was an 8% decline in sales of natural gas, compared with the same period of 2011, caused by a decline in fuel usage in power generation at thermoelectric plants, as a result of increased rains, fuelling hydroelectric plants.
From January to September, the company’s trade balance showed a deficit of 84,000 barrels per day, as a result of increased domestic fuel consumption. In the first nine months of last year, the balance showed a surplus of 45,000 barrels per day. “The exchange rate effect had a strong negative effect on quarterly results,” said Barbassa.
*Translated by Gabriel Pomerancblum
