Petrobras (PBR, quote) turned a profit in the second quarter of $2.73 million or $.46 per ADR share, compared to a loss of $685 million or a loss of $.10 per ADR share for the same period last year.
Remember one share of Petrobras ADR’s are equal to two shares of Petrobras on the IBOVESPA exchange.
Although Petrobras turned a profit in the second quarter it fell short of most analyst expectations.
Looking through Petrobras’ statements – Petrobras received a leg up on higher fuel prices domestically while at the same time was able to lower their exploration cost. Also, Petrobras adopted a new accounting practice that help curtailed the company’s financial losses.