Petrobras’ first quarter net profit falls 16%

Brazilian Oil and Natural Gas Company (Petrobras) posted net profits 16.1% lower in the first quarter of 2012 to BRL9.214 billion (US$4.6 billion) from BRL10.985 billion (US$5.35 billion) in the same period a year earlier. The decline was attributed to higher costs of production and exploration, as well as a devalued Real– which, for the first time since 2009, reached its lowest level against the U.S. dollar. First quarter profits were, however, 82.5% higher than the BRL5.049 billion (US$2.46 billion) posted in the last quarter of 2011. (May 15, 2012)