Petrobras reports $2.7bn profit

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Brazilian giant Petrobras on Friday reported second-quarter profit of 6.20 billion reais ($2.71 billion), reversing a year-earlier loss that was its first negative result in 13 years.

The result beat the average estimate of 5.08 billion reais of 12 analysts in a Thomson Reuters survey, the news agency reported.

In the second quarter of 2012, the company lost 1.35 billion reais.

Petrobras also reported that it had net sales, or total sales minus sales taxes, of 73.63 billion reais – 8.2% more than a year earlier and missing the survey’s estimate of 75.06 billion reais.

Second-quarter earnings before interest, taxes, depreciation and amortisation, EBITDA, a measure of the company’s ability to generate profit from oil production, refining and other operations, rose 71% to 18.09 billion reais from the same quarter a year earlier.

The EBITDA result beat the survey average of 16.13 billion reais, Reuters said.

In May, Petrobras reported total oil and natural gas production averaging 2.5 million barrels of oil equivalent per day, down 2% from April.

 

Information from Upstream was used in this report.