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

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