Petrobras Books 38% Drop in Q1 Profit

Petrobras reported a net profit of some $4.63 billion for the first quarter of the year, which was 38% lower than its first-quarter 2023 result. The figure was also substantially lower than what analysts expected the company would book, Reuters noted in a report. It added that Petrobras would distribute dividends amounting to $2.61 billion, which was also lower than what analysts had predicted. Petrobras also reported a 15% decline in revenues during the period and a 4.6% decline in oil, gas, and fuel sales. The first-quarter report follows…