Brazilian oil company Petroleo Brasileiro SA, or Petrobras, swung to a profit in the third quarter from a loss in the same period a year earlier as the price of crude oil jumped. The Rio de Janeiro-based company reported net profit attributable to its shareholders of 31.1 billion reais, equivalent to $5.5 billion, after losing 1.5 billion reais in the third quarter of last year. Recurring net income, which excludes one-time items, was 17.4 billion reais, compared with net income of 3.2 billion reais a year earlier.
Adjusted earnings before interest, taxation, depreciation and amortization increased to 60.7 billion reais from 33.4 billion reais a year earlier. Revenue rose to 121.6 billion reais from 70.7 billion reais in the year-earlier period.
The oil company’s revenue was boosted by the rising price of crude oil on world markets. Petrobras said the average price of a barrel of Brent crude oil was $73.47 in the third quarter of this year compared with $43.00 a year earlier.
Petrobras reported a loss in the third quarter of last year after the price of oil dropped because of weak demand during the coronavirus health crisis.
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