MOSCOW (Pakistan Point News / Sputnik - 06th May, 2022) Brazilian state-owned oil and gas company Petrobras made a net profit of $8.648 billion in the first quarter, a 43-fold increase from last year, the company said.
Revenue for the first three months of the year reached $27.189 billion, up 1.7 times year on year. The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 1.7 times to $14.961 billion.
As of March 31, the company's total debt was $40.072 billion.
The company's shares on the New York Stock Exchange rose by 2.56% in pre-market trading.
Later in the day, Brazilian President Jair Bolsonaro called on Petrobras to freeze fuel prices.
"Petrobras, stop raising fuel prices. Your profits are an abuse, it is absurd ... They got higher during the crisis, it is an unacceptable crime," Bolsonaro said in a video posted on his social media.
The president added that the new price increase could "leave Brazil bankrupt."
"Petrobras makes 30% profit and it is the people of Brazil who pay the bill for this profit," Bolsonaro said.
He also said that the company is not fully state-owned and has foreign shareholders, American pension funds in particular. With its pricing policy, he said, Petrobras pays for "fat pensions" in the US.
Petrobras is an energy company that was founded in 1953 and operates primarily in Brazil.
