Petrobras posts net income of R$17.289bn in 9M 2013
Net income of Petrobras from January to September soared 29% from the same period of 2012 due to higher operating result and lower impact of the exchange rate on the financial result, the Company said in a press release.
The 3% increase in operating result reflected gains with the sale of assets and lower write-offs of dry and economically unviable wells that offset losses with the price difference. Adjusted EBITDA reached R$ 47.413 billion, 14% higher than in the same period of 2012.
In the 3rd quarter, net income was R$ 3.4 billion, 45% lower than in the 2nd quarter, reflecting lower operating income, partially offset by the better financial result. Operating income was 51% lower, impacted by the rise in oil products imports and by the rise in the price difference for oil products due to the exchange rate depreciation combined with the increase in the international oil price.
Petróleo Brasileiro S.A. or Petrobras is publicly traded corporation, the majority stockholder of which is the Government of Brazil. The corporation is headquartered in Rio de Janeiro, Brazil. A leader in the Brazilian oil industry, Petrobras has expanded its operations aiming to be among the top five integrated energy companies in the world by 2020. Currently, Petrobras has a presence in 25 countries. Petrobras is engaged in exploration and production, refining, oil and natural gas trade and transportation, petrochemicals, and derivatives, electric energy, biofuel and other renewable energy source distribution.