Brazil’s Petrobras Posts Record Profit of US$ 11 Billion for First 9 Months

    Petrobras

    Petrobras Brazilian state-controlled oil multinational Petrobras's profit in the first nine months of 2008, of 26.56 billion Brazilian reais (US$ 11.63 billion), according to the organization's results disclosed this Tuesday, November 11, is the greatest registered by a Brazilian traded company in the last 21 years. according to consultancy company Economática.

    Petrobras broke the record established in 2006, which was its own.

    According to Einar Rivero, a director at Economática, in the list of 20 greatest profits ever obtained by listed companies, also included are those of mining company Vale do Rio Doce, which this year reached 19.2 billion reais, placing the company in third place, behind the Petrobras results for this year and 2006.

    According to Rivero, the Bradesco profit, 6.01 billion reais in the first three quarters of the year, place the bank in the 14th position, and Itaú, with 5.93 billion in the period, is in the 18th position.

    If the dollar values for the third quarter are considered, according to Economática, Petrobras and Vale are well positioned among the listed companies in Latin America and the United States.

    Vale posted profit of US$ 6.49 billion in the third quarter, which places the company in third place, only behind Exxon Mobil and Texaco.

    Petrobras comes right after, in the fourth position, with profit of US$ 5.66 billion in the period from July to September. The exchange rates used are for September 30th, when each dollar was going for 1.9143 Brazilian reais.

    Anba

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    • Show Comments (2)

    • Falupa

      Ch. c.
      Are they inflating the price? I don’t understand how they can continue to make a profit especially in a down economy like this one. And oil prices are much lower, decreasing productivity.

    • ch.c.

      results disclosed this Tuesday, November 11, is the greatest registered by a Brazilian traded company in the last 21 years
      …and the top for…YEARS TO COME !

      Just look at today stock prices of Petrobras….DOWN 11,5 %….after the profit annoucement !
      Also look at the average daily price for the 3rd quarter….US$ 118.- also a historical record.

      In my view….Petrobras and Cia Vale were only kittens disguised in tigers for a while.
      Kittens they are again, and kittens they will remain for years to come….until the next dress up party !!!!

      Facts are that both stocks prices are DOWN 70 % from their top, when measured in US$, and Exxon is down only 25 % !!!!

      Until the next party…..enjoy !!!!! Things are getting to get much worse before getting any better !

      Some are predicting that iron ore prices may go down by 40 % next year, while Vale still tried to raise their prices until not later than 2 weeks ago !!!! But lets not be as bearish either ! Just a 20 % iron ore price decline will hurt Cia Vale well enough….on top of further production decline already announced – 10 % so far – !!!!

      Hey hey !

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