RIO DE JANEIRO, Feb 25 (Reuters) - Brazilian state oil company Petrobras (PETR4.SA) on Friday reported its most profitable quarter ever as net income rose 38 percent on financial earnings and lower expenses. The results come as oil prices have topped $100, making Brazil's vast offshore reserves increasingly attractive to investors seeking access to some of the world's largest crude discoveries in decades.
"Earnings in the fourth quarter were a record high," Chief Financial Official Almir Barbassa told reporters. "We invested part of the money raised in the (share offering) ... and we rearranged the international portfolio." Financial income soared from the previous quarter on interest earnings from investing the cash portion of its massive share offering last year that tapped into growing demand for one of the hottest stocks in emerging markets.
Profit reached 10.6 billion reais ($6.4 billion) for the quarter, above the 8.84 billion reais on average by five analysts in a Reuters poll. The board of directors recommended on Friday to approve a dividend payment of 11.7 billion reais, or 1.03 reais per share. Expenses dropped by around $300 million, in part due to lower exploration outlays, in a possible sign the company could buck a global trend of rising costs throughout the industry.
source: UPDATE 4-Brazil's Petrobras reports highest profit ever (Fri Feb 25, 2011 8:13pm EST)
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