Petrobras’s diesel imports lowered company’s quarterly net profit

Criado em 28/10/13 14h28 e atualizado em 28/10/13 15h03
Por Isabela Vieira Fonte:Agência Brasil

Rio de Janeiro – Released on Friday (October 25), Petrobras’s latest quarterly balance sheet reports a 45% fall in the oil giant’s net profit from the previous three-month period. Results stood at $1.55 billion. On Monday (October 28), the state-run company’s finance and investor relations director, Almir Barbassa, justified the drop saying that it comes as a consequence of larger diesel imports, necessary to meet the demand growth, in spite of the increase in production. It was also simultaneous with the dollar’s rise.

“In spite of producing more out of this by-product in our refineries, and more efficiently, we had to import the amount we lacked. And these imports took place in a period when the real was low (compared to the dollar). We’ve hit lowest depreciation point, beyond R$2.4 per dollar,” he said.

Another factor that made a great impact on the company’s profit for the third quarter, according to Barbassa, was the bonus paid by Petrobras to its employees, based on a collective labor agreement. It is paid on a yearly basis, in September.

Edited by: Marcos Chagas / Olga Bardawil
Translated by: Fabrício Ferreira

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