Petrobras Q3 Net Profit Falls, Misses Estimates for Large Rise

Petróleo Brasileiro SA's third-quarter profit fell compared with the second quarter, the Brazilian state-controlled oil giant said on Monday, missing analysts' forecasts for a big rise.

 

Petrobras posted net profit of 266 million reais ($81.1 million) in the quarter, compared with a profit of 316 million reais in the prior three months, and far below the average consensus estimate of 3.21 billion reais compiled by Thomson Reuters.

 

Earnings before interest, tax, depreciation and amortization - a gauge of operational profit known as EBITDA - came in at $19.223 billion, just above the 19.094 billion in the prior quarter.