Asset sales help boost Petrobras profit by over half in 1st quarter

RIO DE JANEIRO: Brazil's state-controlled oil company Petraleo Brasileiro SA reported a 56.5 percent rise in net profit in the first quarter, helped by asset sales, a filing showed on Tuesday.

Petrobras, as the company is known, posted a net profit of 6.961 billion reais ($1.96 billion) after raking in 3.223 billion reais by selling stakes in assets like the Lapa field, and the Iara area in the offshore Santos basin.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a gauge of operational profit known as EBITDA, hit 25.669 billion reais, a 2 percent rise over the same period last year.