Petrobras Posts Q1 Earnings of US$2bn, Up 32%

Brazil's federal energy company Petrobras (NYSE: PBR) posted net profits of 5bn reais (US$2bn) in the first three months of 2005, a 32% increase from the same period in 2004, the company said in a statement Friday.

The company's net sales rose to 28.9bn reais in the first quarter of 2005, up 25% from the same period a year ago, while Ebitda rose 23% to 10.5bn reais, Petrobras said. Higher average sale prices of oil and its derivatives and greater demand were behind the better results, the company said.

Petrobras also registered a 4% increase in output of oil, natural gas and associated gas liquids in the first quarter 2005 from the same period a year ago as three new units started producing in the Campos basin fields from mid-2004 through the first quarter of 2005, the company said.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.

Click here for a Free two week trial to our Latin America Oil & Gas information service.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
 
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
 
Business Process Analyst - Delaware Business Process
Expertise: Accounting|Business Analyst|Financial Analyst
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours