Reuters: US Dollar Report: UPDATE 1-Petrobras reports first quarterly loss in 13 years

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UPDATE 1-Petrobras reports first quarterly loss in 13 years Aug 3rd 2012, 21:50 Fri Aug 3, 2012 5:50pm EDT * Petrobras $665 mln loss the first since Q1 1999 * Company blames weaker currency, well charges for result By Jeb Blount and Leila Coimbra RIO DE JANEIRO, Aug 3 (Reuters) - Brazil's state-led oil giant Petrobras on Friday reported its first quarterly loss in more than 13 years as a weaker Brazilian currency raised debt costs and the company faced charges related to dry and uncommercial wells. Petrobras lost 1.35 billion reais ($665 million) in the three months ending June 30 compared with a net profit of 10.9 billion reais a year earlier, the company said in a statement sent to Brazil's securities regulators. It was the first quarterly loss at Petrobras since the first quarter of 1999, the company said, and was a surprise for the market. All nine analysts surveyed by Reuters expected the company to post a profit. The average estimate was 3.69 billion reais. Net revenue, or total sales minus sales taxes, were 68 b illion reais in the quarter. The analysts expected revenue of 67 billion reais. Earnings before interest, taxes, depreciation and amortization, or EBITDA, a measure of the company's ability to generate cash from operations and to pay debt, wa s 10.6 bi llion reais. The analysts expected EBITDA of 15.3 billion reais. Link this Share this Digg this Email Reprints

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