PBR » Topics » Net income in the 1Q-2008 totaled R$ 6,925 million, 37% up on the R$ 5,053 million posted in the 4Q-2007 due to the factors listed below:
This excerpt taken from the PBR 6-K filed May 27, 2008.
Net income in the 1Q-2008 totaled R$ 6,925 million, 37% up on the R$ 5,053 million posted in the 4Q-2007 due to the factors listed below:
R$ 790 million growth in gross profit:
1Q-2008 x 4Q-2007
Cost of Goods Sold
. Domestic Market:
- Effect of Volumes Sold
- Effect of Prices
. Intl. Market:
- Effect of Export Volumes
- Effect of Export Price
. Increase in expenses: (*)
. Increase in Profitability of Distribution Segment
. Increase in operations of commercialization abroad
. Increase in international sales
. FX effect on controlled companies abroad
(*) Expenses Composition:
- domestic government take
- import of gas, crude oil and oil products (1)
- non-oil products, including alcohol, biodiesel and other
- materials, services and depreciation
- transportation: maritime and pipelines(2)
- third-party services
- salaries, perquisites and benefits
Expenditures on cabotage, terminals and pipelines.
A reduction in the following operating expenses:
General and administrative expenses (R$ 265 million), due to reduced expenses from technical services and higher personnel expenses in the 4Q-2007 as a result of payments related to retroactive promotions as part of the 2007/08 collective bargaining
Exploration costs (R$ 385 million), due to lower exploration expenses, both in Brazil (R$ 129 million) and abroad (R$ 461 million), offset by the December/07 recalculation of provisions for well abandonment (R$ 292 million);
Losses from the recovery of assets (R$ 446 million), due to the provisions constituted abroad in the 4Q- 2007;
Tax expenses (R$ 156 million), due to the elimination of the CPMF as of January/08 (R$ 179 million), partially offset by expenses from the IOF financial operation tax due to the increase in the rate in the same month (R$ 34 million).
A positive impact of R$ 459 million on the net financial result due to monetary and exchange gains(R$ 454 million) caused by the lower appreciation of the Real in the 1Q-2008, coupled with areduction in net financial and
commercial hedge losses (R$ 287 million) and higher gains fromfinancial investments (R$ 28 million);
Interests in relevant investments (R$ 303 million), due to the constitution of provisions for lossesfrom investments in Venezuela in the 4Q-2007 (R$ 119 million) and exchange gains from theconversion of foreign subsidiaries
shareholders equity (R$ 128 million).
Increase in income tax and social contributions (R$ 1.613 million), due to the tax benefits of intereston equity in the 4Q-2007 (R$ 671 million).
Bet you've never seen portfolio analytics like these.