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Friday, November 13, 2009
Petrobras Posts Drop In Third-quarter Profit
By Carla Mozee
MarketWatch Pulse
LOS ANGELES -- Brazil's state-run oil giant Petroleo Brasileiro late Friday said third-quarter net earnings fell 26% to 7.3 billion reals ($4.24 billion)from 9.84 billion reals in the year-ago period. The decline, in part, reflects lower diesel and gasoline prices and and the stronger Brazilian currency, the company said. Earnings before interest, taxes, depreciation and amortization was 13.99 billion reals compared with 15.1 billion reals. Analysts polled by Thomson Reuters expected earnings of 7.02 billion reals.
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