Brazil's Petrobras posts $9 bln profit as Bolsonaro rails against company & More News Here

A employee walks contained in the Brazil’s Petrobras P-66 oil rig within the offshore Santos basin in Rio de Janeiro, Brazil September 5, 2018. REUTERS/Pilar Olivares

RIO DE JANEIRO, May 5 (Reuters) – Brazil’s Petrobras posted a first-quarter internet revenue that beat forecasts on Thursday, simply minutes after Brazilian President Jair Bolsonaro railed against the state-run oil company’s profitability, saying its executives had no sympathy for peculiar individuals.

In a securities submitting, Petroleo Brasileiro SA (PETR4.SA), as the company is formally recognized, posted a quarterly internet revenue of 44.56 billion reais ($8.86 billion), above a Refinitiv consensus estimate of 43.5 billion reais and nearly 40 occasions higher than the identical quarter final 12 months.

Earnings earlier than curiosity, taxes, depreciation and amortization, or EBITDA, got here in at 77.71 billion reais, barely above the Refinitiv estimate of 76.3 billion reais.

In feedback accompanying the outcomes, Petrobras attributed the profit leap to components together with excessive Brent crude oil costs, wider margins in its diesel enterprise and decreased liquefied pure gasoline imports. It famous that its divestment program had slowed from the earlier quarter.

The first-quarter outcomes, nevertheless, have been largely overshadowed by feedback made by Bolsonaro throughout a weekly broadcast on a number of social media platforms, simply minutes earlier than the outcomes have been printed.

In a very free-wheeling deal with, he mentioned Petrobras was committing a “crime” and a “rape” against Brazil by posting bumper income, whereas squeezing Brazilian shoppers on the gasoline pump. learn extra

The far-right Bolsonaro mentioned he wouldn’t intervene with Petrobras’ operations, however implored the company to not increase gasoline costs any additional.

Bolsonaro faces a tricky battle in his bid for a second time period as president within the October election and has been trailing the left-wing former President Luiz Inacio Lula da Silva in opinion surveys.

Petrobras has a coverage of pegging home gasoline costs to worldwide charges, a coverage which has come underneath fireplace as costs have skyrocketed amid the conflict in Ukraine.

In an announcement accompanying Petrobras’ outcomes, Chief Executive José Mauro Coelho, who took the reins in April after his predecessor was fired amid a spat over home gasoline costs, mentioned the company was contributing to society although taxation and dividends.

“All of this generates economic development throughout the entire chain of production, creating employment, wealth and tax income for the nation,” Coelho wrote.

“This quarter, we will pay to federal, state and municipal governments an amount equal to one and a half times our net income in taxes.”

The company introduced peculiar dividend funds of three.715 reais per share early on Thursday. The authorities is by far its largest shareholder.

($1 = 5.03 reais)

Reporting by Gram Slattery in Rio de Janeiro and Roberto Samora in Sao Paulo; enhancing by Richard Pullin and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

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