The company’s EBITDA in the first quarter of 2008 was BRL13.8 billion, up from BRL11 billion in the same period of 2007.
Petrobras has said that its oil and gas production in Brazil rose by 2% in the first quarter of 2008 compared to the same period in 2007. Its kitchen gas production rose by 11%.
There was a reduction in operating expenses by 11% because of a cut in taxes and absence of employees’ pension fund expenses. Appreciation of Brazil’s currency by 1% in relation to the US dollar has also contributed to the rise in Q1 profits.
