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Brazil’s Petrobras posts $9 billion profit as Bolsonaro rails against company

Brazil’s Petrobras posted a first-quarter net income that beat forecasts on Thursday, just minutes after Brazilian President Jair Bolsonaro railed against the state-run oil company’s profitability, saying its executives had no sympathy for ordinary people. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, posted a quarterly net income of 44.56 billion reais ($8.86 billion), above a Refinitiv consensus estimate of 43.5 billion reais and almost 40 times greater than the same quarter last year. In comments accompanying the results, Petrobras attributed the profit jump to factors including high Brent crude oil prices, wider margins in its diesel business and reduced liquefied natural gas imports.

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