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PBR » Topics » Results of Operations for the year ended December 31, 2003 (2003) compared to the year ended December 31, 2002 (2002).

This excerpt taken from the PBR 20-F filed Jun 30, 2005.

Results of Operations for the year ended December 31, 2003 (“2003”) compared to the year ended December 31, 2002 (“2002”).

 

The comparison between our results of operations has been impacted by the Real’s appreciation against the U.S. dollar, due to the fact that the average Real/U.S. dollar exchange rate for 2003 was 5.2% lower than the average exchange rate for 2002.

 

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