Petrobras Profit is Down 42 Percent in the First Quarter

Petrobras explained that the results in the first quarter were impacted by the adoption of a new accounting law regarding the leasing of equipment (IFRS 16 - Leases).

By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Petrobras has recorded a net profit of R$4.031 (US$1) billion in the first quarter, representing a 42 percent decrease in comparison to the profits of R$6.961 registered in the same quarter in 2018, but also an increase of 92 percent regarding the R$2.102 billion obtained in the fourth quarter of last year.

The net income totaled R$79.999 billion, an increase of 7.4 percent increase over the value recorded in the first quarter of last year.

The adjusted EBITDA (Earnings before Interest . . .

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