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PBR » Topics » The reduction in net income for 1Q-2007 as compared to 1Q-2006 was primarily due to the decline in average prices for crude oil and petroleum products in Brazil and abroad, influenced by the fall in international oil prices. Below is a breakdown of the fa

This excerpt taken from the PBR 6-K filed Jun 8, 2007.

The reduction in net income for 1Q-2007 as compared to 1Q-2006 was primarily due to the decline in average prices for crude oil and petroleum products in Brazil and abroad, influenced by the fall in international oil prices. Below is a breakdown of the factors leading to the reduction in net income:

• A R$ 977 million reduction in gross profit:

     
    Changes 
    2007 X 2006 
Main Items         Net 
Revenues		   Cost of
Goods Sold 		   Gross 
Profit
. Domestic Market:       - Effect of Volumes Sold    53    (78)   (25)
                                     - Effect of Prices    (182)                      -    (182)
. Intl. Market:               - Effect of Export Volumes    697    (310)   387 
                                     - Effect of Export Price    (839)                      -    (839)
. Decrease in expenses: (*)                -    (243)   (243)
. Increase in Profitability of Distribution Segment    560    (503)   57 
. Increase (Decrease) in operations of commercialization abroad    584    (608)   (24)
. Increase (Decrease) in international sales    2.049    (2.264)   (215)
. FX effect on controlled companies abroad    (223)   162    (61)
. Other   309    (141)   168 
       
    3.008    (3.985)   (977)
       

(*) Expenses Composition:    Value
- Domestic Government Take    484 
- Materials, Services and Depreciation    (338)
- Import of gas, crude oil and oil products    (237)
- Salaries, Perquisites and Benefits    (148)
- Transportation: Maritime and Pipelines    (39)
- Third-Party Services    35 
   
    (243)
   

**   CIF Values.
*** Expenditures with cables, terminals and pipelines.

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