Brazil's oil giant reports record profits in 2006 first half

Brazilian state-owned oil and gas giant Petrobras on Friday announced a net profit of 13.6 billion reais (6.3 billion U.S. dollars) for the first half of 2006, the highest half-year profits in its history.

The earnings were up 37 percent compared with 9.95 billion reais (4.6 billion dollars) of the same period last year.

Almir Barbassa, the company's Director of Finance and Investors Relations, attributed the record-high profits to production increase and the soaring oil and gas prices in the international markets.

Petrobras witnessed a 7-percent increase in production in the first half of 2006, boosted by the launch of two offshore rigs.

The company also invested 13.6 billion reais (6.3 billion dollars) in the first half of 2006, up 24 percent on a year-on-year basis.

Source: Xinhua