Brazil's Petrobras Posts Record Profit.
SAO PAULO -(Dow Jones)- Aided by higher oil and oil-product prices and a break on federal taxes, Brazilian state-run energy giant Petrobras (PBR) on Monday posted a new all-time record for quarterly profits.
Second-quarter profits rose 29% from a year ago to 8.78 billion reals ($5.41 billion). Second quarter revenues were up 30% from a year ago to BRL54.57 billion. The company released its quarterly figures in BR GAAP terms.
In a statement, the company, also known as Petroleo Brasileiro SA, attributed the rise in profits and revenues to higher international and domestic oil and oil-product prices, among other factors.