Petrobras Profit Misses Estimates as Crude Exports Slide
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Petroleo Brasileiro SA, the biggest oil producer in deep waters, posted an unexpected profit decline in the second quarter after its fuel imports surged and crude exports fell.
Net income fell 20 percent to 4.96 billion reais ($2.2 billion), or 0.38 reais a share, from 6.2 billion reais, or 48 centavos, a year earlier, the Rio de Janeiro-based company said yesterday in a statement. That trailed the 55-centavo average of 12 analysts’ estimates compiled by Bloomberg, making this the third time in four quarters that Petrobras missed forecasts.