Petrobras profit up at $8.3bn

摘要

PETROBRAS has recorded a strong second-quarter profit, reflecting higher margins on oil products and an increase in sales in the domestic market and overseas. The Brazilian state-controlled company posted a net profit of 42.9 billion reais (US$8.3 billion), versus a net loss of 1.2 billion reais a year ago. Net revenues more than doubled from 50.9 billion reais to 110.7 billion reais. Results were also positively affected by exchange rate gains due to the appreciation of the real against the greenback and a reversal on an impairment booked at fuel distribution subsidiary BR Distribuidora. "The solid results achieved this quarter, especially the operating cash flow and free cash flow, result from our resilience, focus on the best assets and our ability to adapt," said chief financial officer Rodrigo Araujo.