Petrobras sees income rise on domestic demand
Date added: 16th May, 2011 at 10:46
(view all articles from May, 2011)
Categories: Natural Resources
People considering an investment in Brazil may be interested to know that state-owned energy company Petrobras has seen a rise in income off the back of increased domestic demand for fuel.
The firm released its first quarter and annual results on Friday (May 13th), showing that profit and earnings were up by the end of March compared with the year before.
Net income saw a 42 per cent annual jump due to a seven per cent increase in domestic sales, while gross profit was up five per cent.
Jet fuel transactions rose 18 per cent over the year ending in March, the largest increase in customer purchasing among the company's products.
Sales of natural gas, gasoline and diesel were also up by 13 per cent, seven per cent and nine per cent respectively.
In the first quarter, net income totaled R$10.99 billion (£4.15 billion) and gross profit was recorded at R$20.2 billion.
Edison Lobao, Brazil's energy minister, recently told reporters that Petrobras will increase its national share of ethanol production from five to 15 per cent by 2017.
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