PETRÓLEO BRASILEIRO

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Petrobras Reports 1Q Net Income of BRL1.2 Billion vs Year-Earlier Loss of BRL48.5 Billion

05/13/2021 | 04:44pm

By Jeffrey T. Lewis

SÃO PAULO--Brazilian oil company Petróleo Brasileiro SA, or Petrobras, reported a net profit in the first quarter, after a loss in the same period a year earlier, as higher oil prices and a weaker Brazilian currency boosted revenue in reais.

The Rio de Janeiro-based company reported net profit attributable to its shareholders of 1.2 billion reais, equivalent to $226 million, after a loss of BRL48.5 billion in the first quarter of last year. Recurring net income, which excludes one-time items, was BRL1.5 billion, compared with a loss of BRL4.6 billion a year earlier.

Adjusted earnings before interest, taxation, depreciation and amortization jumped 30.5% from a year earlier to BRL48.9 billion and revenue rose 14.2% to BRL86.2 billion.

Petrobras said the price of a barrel of Brent crude oil was 21.2% higher in the first quarter compared with a year earlier while the dollar was 22.6% stronger in the same period.

Petrobras reported a loss in the first quarter of last year because it recognized impairments, or a decline in the value of its assets, related to the steep drop in the price of oil in the first quarter of 2020 amid a conflict over market share between Saudi Arabia and Russia and a decline in demand because of the impact on economic activity of social distancing.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

05-13-21 1844ET

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