Record net income: R$ 10.99 billion in the 1st quarter
We announce our consolidated results of the first quarter of 2011. Check out our official release:
Rio de Janeiro, May 13th, 2011 - Petróleo Brasileiro S.A. - Petrobras announces its consolidated results of the first quarter of 2011 and its annual results, according to the international financial reporting standards (IFRS).
In the first quarter of 2011, the net income was R$ 10.99 billion (R$ 0.84 per share). Increased by 42% over 1Q-2010 (R$ 7.7 billion). Gross profit totaled R$ 20.2 billion in 1Q-2011, 5% up on the R$ 19.3 billion posted in 1Q-2010.
The net income increased as a result of a 7% upturn in domestic sales volume led by gasoline (+7%), diesel (+9%), natural gas (+13%) and jet fuel (+18%), when comparing 1Q11 vs 1Q10. Additionally, the 3% increase of the oil and gas production and a higher financial result (+ R$ 2,723 million) also contributed positively.
In the segmented result, the increase in oil price and volume during the year had a positive effect on Exploration and Production Segment (E&P). However, downstream was negatively affected due to higher oil prices.
Net Income per segment (R$ million) 1
|Exploration & Production||9,327||7,312|
|Refining, Transportation and Commercialization||(95)||1,116|
(1) Includes intersegment transactions that are eliminated for calculation of the Company’s profit
(2) Corporate Segment not taken into account
The investments in the first quarter 2011 totaled R$ 15,871 million and were proprietarily invested in expanding oil and natural gas production capacity for the production development in the Pre-Salt area (R$ 7,196 million) and improvements, expansion and conversion regarding downstream and petrochemical segment (R$ 5,845 million).
The Company’s leverage fell substantially and has been maintained at (17%), much lower than the Company’s established limit of 35%.
More information: Investor Relations website.