RIO DE JANEIRO (Dow Jones)--Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said late Friday its fourth-quarter net profit rose 10% on year on higher oil prices and increased domestic demand for fuels.
Petrobras registered a fourth-quarter net profit of 8.1 billion Brazilian reals ($4.51 billion), up from BRL7.36 billion in the year-ago quarter.
The fourth-quarter net profit exceeded the median estimate of eight analysts polled by Dow Jones Newswires, which forecast net profit at BRL7.21 billion.
In a statement, Petrobras said higher international oil prices and increased domestic demand for diesel fuel and gasoline helped boost the company's bottom line in the fourth quarter.
The company also recorded net revenue of BRL47.6 billion in the fourth quarter, down 25% from BRL63.3 billion in the fourth quarter of 2008.
Earnings before interest, taxes, depreciation and amortization in the fourth quarter were BRL15.0 billion, up from BRL8.65 billion in the year-ago quarter.
Analysts had forecast Petrobras's net revenue at BRL48.4 billion and Ebitda of BRL14.6 billion.
For the full year, Petrobras recorded a net profit of BRL28.9 billion compared with BRL33.9 billion in 2008. Net revenue in 2009 was BRL182.7 billion, down from BRL232.2 billion in 2008.
Petrobras reported Ebitda of BRL59.9 billion in 2009 versus BRL57.2 billion in 2008.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com