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.

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