Petrobras Swings To Q2 Profit

Petroleo Brasileiro SA

posted a profit in the second quarter. Petrobras swung to a net profit of 6.2 billion Brazilian reais ($2.73 million), versus a year-ago net loss of BRL1.35 billion. However, analysts were expecting a profit of BRL5.3 billion. Its net revenue surged to BRL73.6 billion from BRL68 billion, while earnings before interest, taxes, depreciation and amortization rose to BRL18.1 billion from BRL10.6 billion. Petrobras shares closed at $14.28 on Friday.