OREANDA-NEWS. May 16, 2011. Petroleo Brasileiro S.A. - Petrobras announces its consolidated results of the first quarter of 2011 and its annual results, according to the international financial reporting standards (IFRS).

In the first quarter of 2011, the net income was BRL  10.99 billion (BRL  0.84 per share). Increased by 42% over 1Q-2010 (BRL  7.7 billion). Gross profit totaled BRL  20.2 billion in 1Q-2011, 5% up on the BRL  19.3 billion posted in 1Q-2010.

The net income increased as a result of a 7% upturn in domestic sales volume led by gasoline (plus7%), diesel (plus9%), natural gas (plus13%) and jet fuel (plus18%), when comparing 1Q11 vs 1Q10. Additionally, the 3% increase of the oil and gas production and a higher financial result (plus BRL  2,723 million) also contributed positively.

In the segmented result, the increase in oil price and volume during the year had a positive effect on Exploration and Production Segment (E&P). However, downstream was negatively affected due to higher oil prices.