August 1, 2019 / 12:26 AM / 4 months ago

Newly privatized, Petrobras Distribuidora posts 14.8% rise in 2nd-qtr net profit

RIO DE JANEIRO, July 31 (Reuters) - Brazilian fuel distribution company Petrobras Distribuidora SA on Wednesday posted a 302 million reais ($79 million) second-quarter net profit, up 14.8% from the same period last year, thanks to higher sales of certain fuel products.

Petrobras Distribuidora, Brazil’s biggest fuel distributor, was effectively privatized last week when its former state-run owner, Petroleo Brasileiro SA or Petrobras, sold a 30% stake as part of efforts to sell assets and focus on offshore oil exploration and production.

Wednesday’s quarterly results are the first to be released since the company’s privatization last week. The distributor operates Brazil’s largest gas station chain, with over 8,000 outlets operating under its brand name, BR Distribuidora.

Petrobras Distribuidora said the rise in net profit was mainly led by higher sales of gasoline, ethanol and diesel fuels, which offset declines in aviation fuel and other fuel products.

Revenue increased 1.9% from the same period last year to just over 24 billion reais, the company said, while adjusted earnings before interest, taxes, depreciation and amortization (Ebtida) rose 6.5% to 541 million reais.

Shares in the company closed up 0.76% before the company reported.

$1 = 3.8130 reais Reporting by Marta Nogueira; editing by Grant McCool

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