Petrobras Falls as Quarterly Profit Trails Estimates
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Petroleo Brasileiro SA, the oil producer that raised $70 billion in a share sale this year, fell the most in three weeks after quarterly profit trailed some analysts’ estimates and oil prices fell the most in more than three weeks.
Third-quarter net income rose to 8.57 billion reais ($5 billion), or 97 centavos a share, from 7.94 billion reais, or 90 centavos, a year earlier, Rio de Janeiro-based Petrobras said yesterday in a statement. Sales gained 14 percent to 54.7 billion reais.