Petrobras Misses Profit Forecasts, Boosts Investment Plans

Brazil's state-run oil firm Petrobras has frustrated market expectations as it increased investment projections for the year while reporting lower-than-expected financial results in the third quarter on Tuesday.

The firm's net profit of 39.7 billion reais ($7.10 billion), while a 21.5% increase from a year earlier, stood below the 47.0 billion reais expected by analysts in a LSEG poll.

The firm's financial results were impacted to the tune of 4.5 billion reais paid in taxes on oil exports, a levy created by Brazil's government after the start of the US-Israel war with Iran earlier in the year.

Adjusted earnings before interest, taxes, depreciation and amortization for the July-September quarter stood at 85.8 billion reais, a 34.3% rise, also below the 94.0 billion reais LSEG consensus.

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