This excerpt taken from the PBR 6-K filed May 27, 2008.
PETROBRAS ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2008
(Rio de Janeiro May 12, 2008) PETRÓLEO BRASILEIRO S.A. Petrobras announces today its consolidated results expressed in millions of Brazilian Reais, in accordance with generally accepted accounting practices in Brazil (BR GAAP).
Consolidated net income in the 1Q-2008 moved up 68% year-on-year, thanks to the decline in operating expenses and the positive first-quarter impact of the reduced appreciation of the Real on the financial result. The increase in oil and gas production and the upturn in oil and oil product prices also contributed to the improved performance.