Rio de Janeiro – Petrobras had net profit of 13.55 billion Brazilian reals (US$ 7.4 billion at current exchange rates – all dollar values converted at current exchange rates -) in the first half of the year, a result that represents a reduction of 20% when compared with the same period last year. From January to June, 2008, the company profit was 16.956 billion (US$ 9.3 billion). This information was disclosed on Friday by the Brazilian state-owned oil company.
In the second quarter of this year (April to June), the company’s net profit was 7.734 billion reals (US$ 4.2 billion), a reduction of 20.4% over the same period last year, when the profit totalled 9.717 billion reals (US$ 5.3 billion). When compared to the first quarter of this year, when profits totalled 5.816 billion reals (US$ 3.2 billion), profit rose 33%.
The company’s earnings before interest, tax, depreciation and amortization (Ebitda) was 17.513 billion (US$ 9.6 billion) in the second quarter of this year, a reduction of 6% over the same quarter in 2008. With regard to the first quarter, the Ebitda has grown 30.47%. Petrobras revenues dropped 20% in the second quarter of this year when compared to the same period in 2008, and totalled 44.6 billion reals (US$ 24.3 billion).
*Translated by Mark Ament
