Brazil’s Petrobras Posts Surprise Profit Decline on Costs
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Petroleo Brasileiro SA, the world’s biggest oil producer in deep waters, said third-quarter profit fell 12 percent, missing analysts’ forecasts, after fuel imports pushed up costs and crude output slipped.
Net income declined to 5.57 billion reais ($2.7 billion), or 43 centavos a share, from 6.34 billion reais, or 49 centavos, a year earlier, the Rio de Janeiro-based company said today in a statement. Per-share profit excluding some items trailed the 58-centavo average of seven analysts’ estimates compiled by Bloomberg.