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This excerpt taken from the PBR 6-K filed Nov 12, 2008. Pag: 136
This excerpt taken from the PBR 6-K filed Nov 21, 2007. Pag: 136 (A free translation of the original report in Portuguese)
08.01 – COMMENTS ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER
The International segment posted a 3Q-2007 net loss of R$ 58 million, versus net income of R$ 235 million in the 2Q-2007. This reversal was due to i) reduced results from the USA, thanks to lower sales volume and narrower refining margins (R$ 213 million) and the decrease in the E&P segment (R$ 43 million) due to production stoppages caused by storms and pipeline maintenance; and ii) capital gains from the sale of the Bolivian refineries (R$ 68 million). These effects were partially offset by the R$ 78 million reduction in exploratory costs in Nigeria and Turkey.
Year-to-date Corporate activities generated a loss of R$ 6,798 million, versus a loss of R$ 3,343 million in the 9M-2006, as a result of: • Expenses of R$ 642 million from the financial incentive to pension plan participants in exchange for their acceptance of the amended plan • The R$ 1,823 million increase in net financial expenses, as detailed on page 6 | EXCERPTS ON THIS PAGE:
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