This excerpt taken from the PBR 6-K filed Nov 12, 2008.
The lower negative result was due to the following factors:
The reduction in expenses from the amendments to the Petros Plan regulations (R$ 642 million) and the commitments listed in the Reciprocal Obligation Agreement (R$ 697 million) in 2007;
The result obtained in the 3Q-2008 was due to the reversal of the net financial result (R$ 4,645 million), as detailed on page 9, associated with the effect of FX gains on foreign investments.
These effects were partially offset by higher operating expenses associated with third-party services and the 2008/09 labor agreement.
This excerpt taken from the PBR 6-K filed Nov 21, 2007.
(A free translation of the original report in Portuguese)
08.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER