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Petrobras' quarterly profit hits five-year high amid oil rebound

|About: Petróleo Brasileiro S.A. - ... (PBR)|By: , SA News Editor

Petrobras (PBR -2.1%) is lower despite reporting a 56% Y/Y jump in Q1 net profit to $6.96B reais ($1.9B) to a five-year high, driven by asset sales and higher oil prices.

PBR says it generated 3.22B reais from the sale of stakes in assets including the Lapa field and the Iara area in the offshore Santos basin, and net debt fell more than 3% to 270.71B reais ($76.23B) from the previous quarter.

PBR says its average global oil price during Q1 rose to $60.18/bbl from an average $54.04/bbl in Q4 2017.

Revenue from sales reached 74.46B reais ($20.97B) in the quarter, up 9% Y/Y, and adjusted EBITDA, gained 2% to 25.67B reais.

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