Petrobras sees room for more efficient payroll, capex

Petroleo Brasileiro SA has room to improve the efficiency of its investments and payroll spending, executives said on Friday, underscoring that a record first-quarter operating profit was just an early sign of what their turnaround plan can accomplish.

Preferred shares of the company, known as Petrobras, jumped as much as 5 percent to an 11-week high of 15.58 reais in early trading after it released first-quarter results late on Thursday.

Rising offshore output, sales of non-essential assets and rigorous cost controls helped Petrobras to beat profit forecasts and generate the most earnings before interest, taxes, depreciation and amortization in its history.

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