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Petrobras net income jumps in quarter on higher oil price

 

 

By Reuters

RIO DE JANEIRO
Petroleumworld 08 06 2018

Brazil's state-controlled oil company Petroleo Brasileiro SA reported a big jump in net profit in the second quarter, helped by a pickup in oil prices, a filing showed on Friday.

Petrobras, as the company is known, earned a net profit of 10.072 billion reais ($2.69 billion), well above the 360 million reais it posted a year earlier, when the firm was hit by a one-off tax-related charge.

Results were also helped by higher oil prices, which are hovering above $70 per barrel.

Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operational profit known as EBITDA, hit 30.067 billion reais, compared with 19.094 billion reais in the same period last year.

_________________________

Reporting by Alexandra Alper and Roberto Samora; Editing by Bernadette Baum from Reuters.

reuters.com 08 03 2018

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