Petrobras seeks to cut costs as profits slip.

摘要

The Brazilian state-owned company reported on May 9 that net income slipped by 30% on the year in 1Q 2014, from 7.69B BRL to 5.39B BRL ($2.28B). One factor behind the reduction was a 13% increase in fuel imports on the year, as Petrobras is not able to sell imports at a profit due to state-set price capos. "Based on the decisions of the Brazilian federal government, as our controlling shareholder, we have, and may continue to have, periods during which our product prices will not be at parity with international product prices," the company reported in an April 30 filing with regulators.