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This excerpt taken from the PBR 6-K filed Aug 18, 2009. Page 113
Consolidated net income in the 2Q-2009 totaled R$ 7,734 million, 33% up on the previous quarter, primarily due to increased production, the recovery of oil prices and their impact on exports, and the reduction in operating expenses. Operating cash flow, measured by EBITDA, came to R$ 17,513 million and the operating margin widened by 7% over the previous quarter. Consolidated net income in the 1H-2009 fell 20% year-on-year, chiefly due to the 53% reduction in the average Brent crude price, which dropped from US$ 109 in the 1H-2008 to US$ 52, and the decline in international oil products prices. The negative financial result, generated by higher financing volume, commercial hedge operations and the impact of the exchange variation on assets abroad also contributed to this result. However, these effects were partially offset by the tax benefit from the provisions for Interest on Own Capital in June/2009. On the other hand operating cash flow (EBITDA) remained much closer to 2008 levels, totaling R$ 30,936 million, 6% down on the R$ 32,814 million recorded in the 1H-2008.
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