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Petrobras's BR Distribuidora 1st-qtr profit misses estimates



By Reuters

Petroleumworld 05 07

Brazil's Petrobras Distribuidora SA, the fuel distribution unit of state-controlled oil company Petroleo Brasileiro, missed net income estimates in the first quarter, a filing showed on Friday.

BR Distribuidora, as the company is known, posted net income of 247 million reais ($69.98 million), well below a consensus estimate compiled by Thomson Reuters of 332.37 million reais, but 58 percent above its profit in the year-ago period.

Earnings before interest, taxes, depreciation and amortization (EBITDA) - a common gauge of operational profitability - totaled 773 million reais in the period, above a consensus estimate of 733.77 million reais and nearly 20 percent above its EBITDA in the January-March period last year.

In its second earnings report since a December initial public offering, the company posted revenue of 22.5 billion reais, just above forecasts for 21.929 billion reais and 12.2 percent over sales in the same period in 2017.

Despite higher revenues, volumes sold in the first quarter slipped by 2.2 percent, the company said.

Petrobras raked in north of 5 billion reais late last year when it floated a 30 percent stake in the unit as part of a bid to reduce the heftiest debt load among oil majors worldwide.

$1 = 3.5297 Brazilian reais

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Reporting by Roberto Samora; editing by Dan Grebler and G Crosse from Reuters. /
05 04 2018

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