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PBR » Topics » Gross Profit

This excerpt taken from the PBR 20-F filed Jun 30, 2005.

Gross Profit

 

PIFCo’s gross profit reflects profits from its third-party sales of crude oil and oil products and services (since PIFCo record profits from sales of crude oil and oil products to us as financial income). PIFCo’s gross profit increased 24.3% to U.S.$36.8 million in 2003, as compared to U.S.$29.6 million in 2002, as a result of the 16.5% increase in the average price of Brent crude oil from U.S.$24.76 per barrel in 2002 to U.S.$28.84 per barrel in 2003 and due to the favorable effects of the Iraq war and the effects, primarily in the first quarter, of the political and economic crisis in Venezuela on international prices and supplies of crude oil and oil products.

 

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