Financial

Cost cuts, NTS sale to boost first-quarter profit at Petrobras

Profit at Brazilian state-controlled oil firm Petróleo Brasileiro SA probably rose to the highest level in almost two years in the first quarter, benefiting from stringent cost-cutting and one-time gains from the $5.2 billion sale of a natural gas pipeline unit, analysts said on Tuesday.

Net income at Rio de Janeiro-based Petrobras likely came in at 3.773 billion reais ($1.2 billion) in the quarter, reversing a loss of 1.246 billion reais a year earlier, according to the average consensus of estimates compiled by Thomson Reuters. Fourth-quarter profit was 2.510 billion reais.

Petrobras will release results after markets close on Thursday.

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Categories: Financial, Petrobras

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