PETROBRAS NET INCOME $6.6 BLN
PETROBRAS - 9M-2018 Results
Gross profit was US$ 25,795 million in 9M-2018, a 23% increase compared to US$ 20,917 million in 9M-2017, mainly due to higher margins of oil exports, as a result of the increase in Brent prices, and to higher margin in the domestic sales of oil products. On the other hand, domestic sales volumes of oil products dropped (mainly gasoline). Gross Margin** was 36% in 9M-2018, compared to 32% in 9M-2017.
Operating income and expenses
Operating income was US$ 14,423 million in 9M-2018, a 24% increase from US$ 11,654 million in 9M-2017 mainly due to the rise in gross profit, negatively impacted by higher sale expenses, derived from the payment of tariffs to the third-party gas pipeline, by the foreign exchange losses on Class Action outstanding balance and by lower gains with divestments, when compared to 9M-2017. There was also reduction in general and administrative expenses.
Net Finance Income (Expense)
The net finance expense was US$ 4,447 in 9M-2018 million, a 41% decrease compared to US$ 7,555 million in 9M-2017 mainly as a result of lower financing expenses, due to prepayment of debt and to the gain arising from the renegotiation of debts with Eletrobras System.
Net income (loss) attributable to the shareholders of Petrobras
Net income attributable to the shareholders of Petrobras was US$ 6,622 million in 9M-2018, a 315% increase compared to US$ 1,596 million in 9M-2017. The result improved mainly due to increase in domestic oil products and oil exports margins and to the drop in net finance expenses.
Adjusted EBITDA increased to US$ 23,844 million in 9M-2018, from US$ 20,039 million in 9M-2017. The Adjusted EBITDA Margin** reached 33% in 9M-2018 compared to 31% in 9M-2017.
Net cash provided by operating activities and Free Cash Flow
Free cash flow was US$ 10,604 million in 9M-2018, a decrease of 10% when compared to US$ 11,814 million in 9M-2017, derived, primarily, from foreign exchange translation effects.
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