This excerpt taken from the PBR 6-K filed Aug 13, 2008.
A reduction in the following operating expenses:
These effects were offset by the increase in selling expenses (R$ 131 million) due to the upturn in maritime freight charges.
A negative impact on the net financial result (R$ 1,402 million), due to the impact of the higher appreciation of the Real in the 2Q-2008 on investments abroad, commercial activities and, in the International segment, through subsidiaries, the use of foreign funds to acquire E&P equipment for use in Brazil.
Reduced holdings in relevant investments (R$ 155 million), chiefly due to greater FX losses on foreign subsidiaries shareholders equity.
A positive impact on the non-operating result (R$ 425 million), primarily due to gains from the change in relevant interests in Quattor (R$ 409 million).