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Petrobras records 38% drop in profits in Q1 2024 due to reduced sales
Brazilian state-owned oil company Petrobras announced a 38% decrease in its net recurring profit for the first quarter (Q1) of 2024 compared with the previous year. The financial results released Monday fell short of analysts’ forecasts and the company’s dividend due to reduced sales volumes. According to LSEG data, net recurring profit dropped to 23.9bn reais for the quarter ending in March, significantly below analysts’ estimate of 30.2bn reais. The company attributed the results to a combination of factors including a worsened financial result due to exchange rate devaluation at the end of the period and a ... (full story)
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- Posted: May 15, 2024 9:46am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 257
