Petrobras Recorded Net Profit of R$9.1 Billion in Third Quarter

RIO DE JANEIRO, BRAZIL – Petrobras’ net profit in the third quarter of 2019 totaled R$9.1 (US$2.27) billion – the equivalent of R$0.70 per share. The amount is lower than the R$18.9 billion in the second quarter, achieved as a result of the sale of Transportadora Associada de Gás S.A. (TAG).

The company reported that considering the special items, “net income reached R$9.1 billion, mainly reflecting the increase in oil and gas production and the capital gain from the sale of BR Distribuidora”.

According to the company, “the expenses with income tax and social contribution resulting from the write-off of deferred tax assets abroad, partially offset by gains from the sale of BR Distribuidora’s shares in the period,” contributed to the decrease in the third quarter in relation to the second”.

In the first nine months of 2019, net profit was R$32 billion, compared to R$23.7 billion in the same period of 2018.

The company also informed that the adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$32.6 billion, remaining stable in relation to the second quarter this year, despite the drop in the price of Brent crude oil.

Petrobras announced that the company’s Board of Directors approved an interim distribution of profits to shareholders, in the form of interest on capital (JCP), in the amount of R$2.6 billion, equivalent to R$0.20 per common and preferred share in circulation.

Related coverage: Petrobras Reports Improved Results in Third Quarter 2019 · Environmentalists Applaud No Bids for Oil Fields Near Coral Reefs · Brazil Gets Ready for Two Mammoth Petroleum Auctions in November · Will Brazil Soon Join OPEC?

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