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This excerpt taken from the PBR 6-K filed Nov 19, 2009. Page 110
Consolidated net income in the 3Q-2009 totaled R$ 7,303 million. Compared with the 3Q-2008 reflects the reduction in diesel and gasoline prices as of June 2009, the change in commodity prices, the non-recurring expense from the agreement with the ANP besides the exchange losses on assets abroad. When compared with 2Q-2009 the performance of net income was due to lower diesel and gasoline prices, higher oil and oil product prices, reduced exchange losses on assets abroad and the non-recurring expense Special Participation. Year-to-date consolidated net income totaled R$ 20,853 million, reflecting lower sales prices, exchange losses on assets abroad, the non-recurring expense from Special Participation and the tax benefit from interest on equity. Operating cash flow (EBITDA) recorded a year-on-year decline from R$ 47,947 million to R$ 44.929 million in 2009, primarily due to the 10% reduction in the average sales price in Brazil. Total oil and gas production averaged 2.513 million barrels per day in the 9M-2009 thanks to the start-up of new production units. Reflecting the growth and future prospects of its businesses, the Company market capitalization reached R$ 351,482 million on November 12.
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