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PBR » Topics » Page 135

This excerpt taken from the PBR 6-K filed Nov 19, 2009.

Page 135


The quarter-over-quarter upturn was due to the reduction in natural gas import/transfer costs, in line with the behavior of international prices.

These effects were partially offset by the reduction in electricity sales/generation margins due to lower spot market sale prices and reduced exports.

The year-on-year upturn of the operational result was due to the 11% increase in sales volume, primarily due to the inclusion of the commercial activities of Alvo Distribuidora.

Sales margins declined due to lower average sales prices, partially offsetting the improvement in the result.

The Company’s share of the fuel distribution market climbed from 35.0% in the 9M-2008 to 38.5% in the 9M-2009.

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