Petrobras Profit Slides 26% on Currency, Higher Fuel Imports
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Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said third-quarter profit fell 26 percent as rising domestic demand forced it to increase imports and a weaker local currency boosted costs.
Net income dropped to 6.34 billion reais ($3.6 billion), or 49 centavos a share, from 8.57 billion reais, or 97 centavos, a year ago, the Rio de Janeiro-based company said late Nov. 11 in a statement. Per-share profit excluding some items beat the 42-centavo average estimate of four analysts in a Bloomberg survey.