PetroRio reverses loss to net income of R $ 4,019 million in the first quarter

PetroRio reported net income of R $ 4.019 million in the first quarter of this year, reversing a net loss of R $ 65.387 million in the same period of 2016.

According to the company, the improvement in net profit was mainly due to the “Brent valuation and reduction of the lifting cost”. Ebitda between January and March was negative by R $ 245 thousand, compared to losses in cash generation of R $ 31,228 million in the same period last year.

Net revenue ended the first quarter at R $ 74.786 million, an increase of 80.1% over the first three months of 2016, “due to the higher volume and sales price.” Between January and March of this year, sales volume (bbl) totaled 503,312 barrels of oil marketed, up 32.3%.

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