SAO PAULO, Aug 10 (Reuters) - Petróleo Brasileiro SA missed second-quarter profit estimates on Thursday, reflecting a decision by Brazil’s state-controlled oil producer to join a tax relief program and narrowing diesel and gasoline pricing margins.
Petrobras earned net income of 316 million reais ($99.54 million) last quarter, compared with profit of 4.449 billion reais in the prior three months. The result came in well below the average consensus estimate of 2.405 billion reais compiled by Thomson Reuters.
Earnings before interest, tax, depreciation and amortization — a gauge of operational profit known as EBITDA — fell 24 percent to 19.094 billion reais from the prior quarter. It missed a consensus estimate of 20.214 billion reais.
$1 = 3.1747 reais Reporting by Guillermo Parra-Bernal and Roberto Samora; Editing by Sandra Maler