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Home»Finance»UPDATE 2-Brazil’s Petrobras reports worse-than-expected 38% drop in first quarter profit
Finance

UPDATE 2-Brazil’s Petrobras reports worse-than-expected 38% drop in first quarter profit

May 14, 2024No Comments2 Mins Read
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(Recasts paragraph 1, provides context and shareholder payout in paragraphs 2-5)

By Fabio Teixeira and Marta Nogueira

RIO DE JANEIRO, Might 13 (Reuters) – Brazilian state-run oil agency Petrobras posted a 38% fall in its first-quarter web recurring revenue from a 12 months earlier on Monday, lacking analysts’ expectations on the end result and its dividend, hit by weaker gross sales volumes.

Internet recurring revenue fell to 23.9 billion reais ($4.63 billion) for the quarter resulted in March, properly beneath analysts’ estimate of 30.2 billion reais, in accordance with LSEG information.

The agency accepted a cost of 13.45 billion reais ($2.61 billion) in dividends and curiosity on fairness to shareholders, amounting to round 1.04 reais per widespread and non-voting share.

Citigroup analysts had predicted dividends of $3 billion.

Petrobras stated the end result was primarily as a consequence of decrease gross sales, a drop in oil costs and a narrower revenue margin on diesel gross sales in contrast with final 12 months’s fourth quarter. The corporate additionally blamed the devaluing of the true within the interval.

The agency’s adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) for the interval shrank about 17% from the identical interval of 2023 to 60.04 billion reais. The LSEG ballot anticipated a results of 67.92 billion reais.

Income fell about 15%, to 117.7 billion reais on the identical comparability, although the common Brent value was greater than a 12 months earlier.

Gross sales of oil, fuel and derivatives amounted to 2.92 million barrels of oil equal per day, a 4.6% lower year-on-year. The decline was due partially to a rise of biofuel within the combination of gasoline offered within the nation, stated the agency when it launched its manufacturing figures final month.

($1 = 5.1570 reais) (Reporting by Fabio Teixeira and Marta Nogueira; Modifying by Sandra Maler, Leslie Adler and Sonali Paul)

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2Brazils Drop Petrobras profit quarter Reports update worsethanexpected
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