Home / Knowledge / News / Textiles / Q1 net profits at Petrobras dips sharply
Q1 net profits at Petrobras dips sharply
13
May '09
Net profit – Petrobras' consolidated net profit in the 1st quarter of 2009 was R$5 billion 816 million. The company's result was influenced by the strong decrease in the oil price in the quarter, which affected the average domestic oil sales price (63% decrease) and the revenues derived from oil and derivatives exports. The lower demand for derivatives in the internal market, a reflex of the decreased industrial activity, also affected the result. On the other hand, the increases made to the diesel fuel and gasoline prices in May 2008, as well as the reduced imports and the lower government take attenuated these effects.

As a result, the company's net profit declined 20% compared to a year ago. In spite of the expressive oil price reduction (55%), cash generation, as measured by the EBITDA, reached R$13 billion 423 million (only 5% less than in 1Q09 compared to 1Q08), while the net operating revenue was R$42 billion 595 million.

Compared to 4Q08, the net profit was down 6%. The financial result diminished from a positive R$2.4 billion in 4Q08, to a negative R$849 billion in the period on account of the exchange rate effects on assets valued in Dollars. More income tax and social contributions were paid because of the fiscal benefit brought on by the provisioning of interest on equity done in 4Q08. Cash generation (EBITDA), meanwhile, was up 46%, reflecting a reduction in costs and operating expenses.

Petrobras sets a daily production record – Oil & natural gas production in Brazil reached 2,261,000 barrels of oil equivalent per day (boed) in the 1st quarter 2009, up 7% over a year ago. Production going on stream at platforms P-53 (Marlim Leste), P-51 (Marlim Sul), and FPSO Cidade de Niterói (Marlim Leste), between 4Q08 and 1Q09, and the increased production at units P-52 and P-54 (Roncador) contributed to this increase, surpassing the natural decline of the mature fields.

The exclusive oil production in Brazil topped-out at 1,952,000 barrels per day (bpd), 7% more than a year ago, while the natural gas production reached 309,000 boed, 2% above the average achieved in 1Q08. A daily oil production record in Brazil was set on May 4: 2,059,000 barrels. Oil and gas production abroad reached 221,000 boed, 2% lower than a year ago. Petrobras' total oil and natural gas production, including Brazil and abroad, was 6% higher than a year ago: 2,482,000 boed.

Extended Well Test at Tupi – The Extended Well Test (EWT) of Tupi, at Block BM-S-11, operated by Petrobras (65%), in partnership with BG Group (25%) and Galp Energia (10%), was kicked-off on May 5. FPSO BW Cidade de São Vicente, capable of producing up to 30,000 barrels of oil per day, is currently producing at the site and achieving good results. The test, which commenced production in the Santos Basin's pre-salt layer, is scheduled to last 15 months and will collect technical information that will contribute to the development of the pre-salt reservoirs.

Investments up 41% – Investments made in 1Q09 reached R$14 billion 380 million, a 41% surge compared to a year ago.For more details click here.

Petrobras S.A.


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search