PBR » Topics » Petrobras posted consolidated net income of R$ 20,853 million in the 9M-2009, 22% down on year-on-year.

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

Petrobras posted consolidated net income of R$ 20,853 million in the 9M-2009, 22% down on year-on-year.

R$ million
    3rd Quarter            Jan-Sep     
2Q-2009    2009    2008    Δ%        2009    2008    Δ% 
 
55,892    60,264    73,682    (18)   Gross Operating Revenues    169,731    201,301    (16)
44,605    47,877    60,184    (20)   Net Operating Revenues    135,077    162,983    (17)
19,991    18,862    20,122    (6)   Gross Profit    55,668    58,940    (6)
13,896    10,247    12,368    (17)   Operating Profit (1)   34,363    39,902    (14)
(2,461)   707    2,595    (73)   Financial Result    (2,604)   724    (460)
7,734    7,303    9,843    (26)   Net Income    20,853    26,798    (22)
0.88    0.83    1.12    (26)   Net Income per Share    2.38    3.05    (22)
323,479    336,772    344,092    (2)   Market Value (Parent Company)   336,772    344,092    (2)
45    39    33      Gross Margin (%)   41    36   
31    21    21     -    Operating Margin (%)   25    24   
17    15    16    (1)   Net Margin (%)   15    16    (1)
17,513    13,993    15,132    (8)   EBITDA – R$ million(2)   44,929    47,947    (6)
 
                Financial and Economic Indicators            
59    68    115    (41)   Brent (US$/bbl)   57    111    (49)
2.07    1.87    1.67    12    Average US Dollar Price - Sale (R$)   2.08    1.69    24 
1.95    1.78    1.91    (7)   Last US Dollar Price - Sale (R$)   1.78    1.91    (7)

(1) Operating income before financial result, equity balance and taxes.
(2) Operating income before financial result, equity balance and depreciation/amortization.

R$ million
    3rd Quarter            Jan-Sep     
2Q-2009    2009    2008    Δ%        2009    2008    Δ% 
 
11,808    11,264    14,655    (23)   Operating Income (Corporate Law)   32,071    40,858    (22)
2,461    (707)   (2,595)   (73)   (-) Financial Result    2,604    (724)   (460)
(373)   (310)   308    (201)   (-) Equity Income Result    (312)   (232)   34 
13,896    10,247    12,368    (17)   Operating Profit    34,363    39,902    (14)
3,617    3,746    2,764    36    Depreciation / Amortization    10,566    8,045    31 
17,513    13,993    15,132    (8)   EBITDA    44,929    47,947       (6)
 
39    29    25      EBITDA Margin (%)   33    29   

EBITDA is not a measure recognized by the accounting practices adopted in Brazil and other companies may define it in different ways. It should not be considered as an alternative indicator for measuring operating income, or as the best form of measuring liquidity or cash flow from operating activities. EBITDA is an additional measure of the Company’s capacity to amortize debt, maintain investments and cover working capital needs.

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