Asset Sales Help Boost Petrobras Q1 Profit

May 8, 2018

World Energy Reports LLC.
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Brazil's state-controlled oil company Petróleo Brasileiro SA reported a 56.5 percent rise in net profit in the first quarter, helped by asset sales, a filing showed on Tuesday.

Petrobras, as the company is known, posted a net profit of 6.961 billion reais ($1.96 billion) after raking in 3.223 billion reais by selling stakes in assets like the Lapa field, and the Iara area in the offshore Santos basin.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a gauge of operational profit known as EBITDA, hit 25.669 billion reais, a 2 percent rise over the same period last year.

($1 = 3.5512 reais)

(Reporting by Alexandra Alper and Roberto Samora Editing by Chizu Nomiyama)

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