Profit of BR Distribuidora jumps 93% in the 1st tri, to R $477 million

BR Distribuidora, a fuel company controlled by Petrobras, reported net income of R $477 million in the first quarter, a 93% leap in the annual comparison, as a result helped by lower financial expense and recognition of receivables along Energy distributors of Eletrobras that have been privatized. The profit before interest, taxes, depreciation and amortization (EBITDA) adjusted totaled R $841 million, 8.8% above the visa in the same period of the previous year. The larger gains came despite a 0.3% decrease in net revenues, to R $22.4 billion, and a 3.4% drop in sales volume in the annual comparison. The financial result came out of a loss of R $46 million between January and March 2018 to gain R $227 million this year. The BR also said that the profit was positively impacted by the recognition of debt confession instruments (ICDs) of the energy distributors privatized by Eletrobras with the company in the amount of R $181 million. According to the company, its network of posts presented sales volume 2% lower in the quarter in the annual comparison, with a 9.1% decline against the fourth quarter of 2018, "as a function of diesel and the greater participation of ethanol in the Otto cycle mix, in both periods compared" . The number of BR posts rose to 7,703 at the end of the first quarter, against 7,665 at the end of 2018 and 7,406 a year ago. The BR closed the quarter with consolidated Gross indebtedness of R $6.375 billion. Net debt stood at R $2.37 billion, but the company stressed that, of the R $4 billion available in its box, R $3 billion "have already been committed to pay interest on equity and dividends".