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LatinNews Daily - 13 May 2025
In brief: Brazil’s Petrobras posts higher profit in Q1
*Brazil’s state-controlled oil company Petrobras has released its financial results for the first quarter of 2025, showing a net profit of R$35.2bn (US$6.2bn), up 48.6% from the R$23.7bn profit registered in the same quarter last year. This latest quarterly profit also contrasts with the net loss of R$17bn registered for Q4 2024. Petrobras posted a quarterly sales revenue of R$123.1bn, up 1.5% on the previous quarter and up 4.6% year-on-year, while its operational costs for the quarter totalled R$18.2bn, down 57.8% from Q4 but up 12.0% from Q1 last year. In a press release, the oil giant also highlighted that it invested R$23.7bn in Q1 2025 to boost its pre-salt oil and gas projects in the Santos Basin, off Brazil’s south-eastern coast.
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