Rio de Janeiro – Petrobras’ net profit climbed 56.5% in this year’s Q1 over the same period of last year, reaching BRL 6.96 billion (USD 1.99 billion). The significant surge came after four consecutive years of losses and a restructuring and debt reduction process. According to the state-owed company, this is the best result for a quarter since 2013, when the company had a profit of BRL 7.69 billion (USD 2.20 billion) and also ended the quarter with positive results in its security metrics.
According to Petrobras, the main reason behind the 56% net profit surge in 2018’s Q1 is the rise in oil prices in the international market.
The changes in oil international prices allowed Petrobras to get higher margins in oil and natural gas exports, as well as in the sales of oil products. The company also had gains with sales of fixed assets.
Translated by Sérgio Kakitani
