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PBR » Topics » Petrobras recorded a net income of R$ 6.851 million in the 2Q-2007, with an operational profit corresponding to 32% of the net operating revenue (34% in the 2Q-2006).

This excerpt taken from the PBR 6-K filed Aug 21, 2007.

Petrobras recorded a net income of R$ 6.851 million in the 2Q-2007, with an operational profit corresponding to 32% of the net operating revenue (34% in the 2Q-2006).

R$ million
2nd Quarter        1st Semester 
1Q 2007       2007    2006    D %           2007    2006    D % 
37.986    41.691    38.872    7    Gross operating revenue     79.677    76.792    4 
27.868    30.825    28.441    8    Net operating revenue     58.693    56.552    4 
7.330    9.872    9.602    3    Operational profit (1)    17.202    20.291    (15)
(590)   (906)   266    (441)   Financial result       (1.496)   (413)   262 
52    505    713    (29)   Equity pick-up    559    1.056    (47)
4.336    6.851    7.100    (3)   Net income     11.188    14.014    (20)
0,99    2,55    1,62    58    Net income per share    2,55    3,19    (20)
215.666    244.659    202.674    21    Market value    244.659    202.635    21 

(1)   Before financial income and expenses and equity pick-up. 

The main factors that contributed towards generating net income in the first half of 2007, in relation to the same period in 2006, were as follow:

4.1. A 4% increase in net operating revenue:

a)
A decrease of 1% in the Average Realization Price (ARP) of basic oil products on the local market in the 1st semester of 2007 (particularly fuel oil and aviation fuel) and a reduction of 9% (ARP) in exports, reflecting the behavior of oil prices on the international market (Brent -4% and WTI -8%) and of fuel oil (- 5%), contributing to the drop in net operating revenue when compared to the 1st semester of 2006. 
 
b)
A 6% increase in total sales volume, particularly in the local market for diesel (4%), fuel oil (8%), in LPG (3%), aviation fuel (6%) and gasoline (1%). International market sales increased by 17%, with petroleum contributing 35% of that, influenced by an increase in production and by the need to substitute imports, partly offset by the reduction in fuel oil exports (-5%). 

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