Petrobras Quarterly Profit Rises to $5 Billion, Misses Estimates

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said third-quarter profit increased 7.9 percent, missing analyst estimates, after oil rose and it posted a 1.97 billion-real gain related to a stronger currency.
Net income increased to 8.57 billion reais ($5 billion), or 97 centavos a share, from 7.94 billion reais, or 90 cents, in the year earlier period, Rio de Janeiro-based Petrobras said today in a statement to Brazil’s securities regulator. Sales in the quarter gained 14 percent to 54.7 billion reais.
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Source: Bloomberg