August 2, 2018 / 6:43 PM / 3 months ago

Petrobras fuel unit Q2 results misses estimates, hit by truckers' strike

RIO DE JANEIRO, Aug 2 (Reuters) - Brazil’s Petrobras Distribuidora SA, the fuel distribution unit of state-controlled oil company Petroleo Brasileiro, missed estimates in the second quarter, hit by a May truckers’ strike.

BR Distribuidora, as the company is known, posted net income of 263 million reais ($70.02 million), nearly quadruple the year-ago figure but below a consensus estimate compiled by Thomson Reuters of 365.87 million reais.

Earnings before interest, taxes, depreciation and amortization (EBITDA) - a common gauge of operational profitability - totaled 508 million reais in the period, below a consensus estimate of 689.62 million reais but up 5.6 percent above its EBITDA in the same period last year.

“The effect of the strike can be summarized as an adjustment in diesel inventories, generating a loss of about 200 million reais,” the company said.

In an earnings call on Thursday, an executive at the company said it was in the final phase of contracting a financial advisor for adopting a new model for its convenience stores, called “BR Mania,” which could include seeking a partner.

Petrobras raked in north of 5 billion reais late last year when it floated a 30 percent stake in the unit as part of a bid to reduce the heftiest debt load among oil majors worldwide.

The company posted a 21.2 percent rise in revenue to 23.6 billion reais, below forecasts for 25.472 billion reais. ($1 = 3.7561 reais) (Reporting by Raquel Stenzel and Marta Nogueira Editing by Marguerita Choy)

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