São Paulo – The five largest state-run business groups in Brazil – Petrobras, Eletrobras, Banco Nacional de Desenvolvimento Econômico e Social (BNDES, the Brazilian development bank), Banco do Brasil and Caixa saw a combined 44.8% increase in profits year-on-year in Q1.
Profits amounted to BRL 15.1 billion (USD 3.99 billion) as per the 6th Bulletin of Federal State-Run Companies issued this Thursday (21) by the Brazilian Ministry of Planning, Development and Management. The five companies have 500,967 employees between them, which is down 0.7% from December 2017.
There are currently 144 state-run businesses in Brazil. Since Q1 2017, two such businesses have ceased to exist.
Translated by Gabriel Pomerancblum