Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.750

-14.5%

Dec 5 3:59 PM EST

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To: wl9839 who wrote (15288)	5/13/1999 8:47:00 PM
From: wl9839	Read Replies (1) of 22640

Brazil Petrobras 1Q Net Loss BRR1.51B Vs BRR182M Dow Jones Newswires Petroleo Brasileiro SA (Petrobras) - Rio de Janeiro, Brazil Three months ending March 31: Figures in reals ($1=BRR1.6530). 1999 1998 Gross Sales 6.44 Bln 6.22 Bln Net Sales 4.01 Bln 3.90 Bln Net Equity per share-a 186.71 N/A a. per thousand shares RIO DE JANEIRO -- Brazilian federal oil holding Petroleo Brasileiro SA, known as Petrobras (E.PTB), announced late Thursday a net loss of 1.51 billion reals ($1=BRR1.6530) in the first quarter. This compares with a BRR182 million profit in the same period last year. In a press statement, the company said heavy losses incurred following the devaluation of the real in January were primarily to blame for the poor result, pointing out that the company maintains "strong financial and commercial relations with the global market." Gross sales in the first quarter totaled BRR6.44 billion, up slightly from the BRR6.22 billion registered in the same period in 1998. Net sales increased to BRR4.01 billion from BRR3.90 billion looking at the same comparison. Net equity per thousand shares was BRR186.71. Petrobras investments in the first three months of this year slipped to BRR725 million from BRR993 million in the corresponding period in 1998. Of this year's sum, 70% was directed toward exploration and production activities, the statement said. On the Sao Paulo Stock Exchange Thursday, Petrobras preferred shares outperformed the market's 2.6% gains, ending 4% higher at BRR276.60 per thousand.

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