Petrobras Profit Slides 26% on Currency, Higher Fuel Costs
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Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said third-quarter profit fell 26 percent as government price controls prevented it from capitalizing on surging crude prices and fuel costs climbed.
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 today in a statement. Per-share profit excluding some items beat the 42-centavo average estimate of four analysts in a Bloomberg survey.