Petrobras 2012 Earnings down 36%. Earnivgs bomb verified.
04 FEBRUARY 2013 - 23H40
Brazil's Petrobras says 2012 net earnings down 36%
The building of Brazil's state-owned oil giant Petrobras is pictured in Rio de Janeiro on January 4, 2011. Petrobras reported Monday that its net earnings dipped 36 percent in 2012 over the previous year, due to the depreciation of the real as well as higher gas imports and operational costs.
AFP - Brazil's state-owned oil giant Petrobras reported Monday that its net earnings dipped 36 percent in 2012 over the previous year, due to the depreciation of the real as well as higher gas imports and operational costs.
Net earnings amounted to 21 billion reais, or $10.860 billion based on the average exchange rate for 2012, it said in a statement.
Don't know how 2013 could really go any worse....don't think the real will continue to depreciate like it did in 2012....think they'll start to bring up production, reducing imports, and hopefully the not high enough price increases on gas will help reduce refinery losses.
I think short PBR at these levels could be dangerous. Your downside at these levels are not match. But, the market is absolutely crazy these days. Look at NFLX, it made like $.004/sh and the stock trade near $200 and it is up a lot today. When the market is like this, always go back to basics and PBR is a safe bet here.
Look at how they booked 2.6 billion reais financial earnings from sale of 2.7 billion reais of Brazilian Treasuries. PBR without the sale would have had a huge miss in the fourth quarter. Back that chunk out as it is a one time deal...