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The world's economy may be in shambles, but Brazil is one hot country.
Petrobras' profits in the first half of 2010 were R$16.02 billion (USD $9.2B), the largest in history for the period among all publicly traded Brazilian companies.
The previous best was also by PBR at $15.7 billion (USD $9.0B) from January to June 2008.
Last Friday the company also announced net income of $8.295 billion (USD $4.7B) in the second quarter of 2010, an increase of 1.65% compared to R $8.160 billion established in the same period of 2009.
PBR is one hot company, but it is not the only one. Many top Brazilian companies which are global giants have joined it.
Vale, Itau and other banks have registered the 20 largest profits ever. The net gains of Vale, Itau, Bradesco, and Banco do Brazil in the first half of this year also are among the 20 best results ever recorded by Brazilian companies. Vale posted a profit of $9.5 billion (USD $5.4B) from January to June this year, the eighth largest profit in the ranking prepared by Brazil's Economatica.
Itaú Unibanco (ITUB in New York), had a profit of $6.3 billion (USD $3.6B) in the first half, and achieved the greatest net gain for a Brazilian bank traded in the period, reaching the 12th spot among the largest profits of publicly listed companies in Brazil. This in spite of the fact that Brazilian banks are quite conservative (more so than the much touted Canadian banks).
Brazil's Bradesco bank and also recently released its earnings, with net gains of $5.07 billion (USD $ 2.9B) and $4.5 billion (USD $2.6B) in the first half, respectively. In the ranking of the top 20 results for the period January to June, BB (Banco do Brasil) occupies the 16th position, while Bradesco arrives in 20th place with the balance of this year.
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