Petrobras Profit Falls Short of Rivals on Price Caps
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Petroleo Brasileiro SA, which lost a quarter of its market value this year, is set to post the smallest profit gain among the world’s largest oil producers because of government controls on fuel prices.
The Rio de Janeiro-based company will report tomorrow that profit was little changed at 89 centavos a share in the three months through June, according to the average of four estimates in a Bloomberg survey. That would be the worst performance of any of the top ten major oil companies with the exception of BP Plc., whose earnings were hurt by the Gulf of Mexico oil spill.