Petrobras H1 Profits Up 37% to US $6.2 Billion

Brazil's federal energy company Petrobras (NYSE: PBR) posted net profits of 13.6bn reais (US$6.2bn) in the first half of 2006, up 37% from 9.95bn reais in the year-ago period, the company said in a statement late Friday.

Higher oil and fuel prices, a 7% increase in crude and derivative output led to higher profits, the company said. Net exports, which rose 41%, also helped boost the bottom line.

Net operating revenue rose to 73.8bn reais in the first half of 2006, up 19% from 62.3bn reais in 1H05. Operating costs rose 2% to 9.7bn reais from 9.5bn reais.

The cost of goods sold rose 19% to 40.9bn reais.

Ebitda increased 25% to 27.7bn reais.

Petrobras invested 13.6bn reais in the first half of 2006, up 24% from 10.99bn reais in 1H05.

Investments in E&P rose 24% by the same comparison, reaching 7.1bn reais, while those in international operations rose 53% to 1.9bn reais.

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