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Petrobras falls more than 5% after cutting its profit during the first quarter

Date: October 2, 2023 Time: 07:32:49

Petrobras falls above 5% in the early stages of the trading session this Friday after informing the market of its results at the end of the first half, in which it cut its net attributable profit by 32.9% compared to the same period last year. previous year, up to 13,169 million dollars (12,037 million euros).

Specifically, the shares of the Brazilian oil company were listed at a price of 32.5 Brazilian reais (6.06 euros) on the Sao Paulo Stock Exchange, which represents a fall of 5.3% compared to its share price. previous day. In the United States stock market, Petrobras shares also lost up to 4% of their value, staying at a price of $13.46 (12.21 euros) per share.

The drop in Petrobras’ profit is mainly explained by the depreciation of the Brent barrel and higher operating expenses. However, the result has been partially offset by higher capital gains on the sale of assets, lower financial expenses and a smaller amount of the budget allocated to income tax.

The oil company’s billing also contracted by 19.6% in year-on-year terms between January and June of this year. Specifically, Petrobras achieved income of 49,750 million dollars (45,475 million euros). For its part, the adjusted gross operating result (Ebitda) has been 29.3% lower than in the first half of 2022, remaining at 25,392 million dollars (23,208 million euros).

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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