BRASILIA (Reuters) - Brazilian fuel distribution company Petrobras Distribuidora SA (BRDT3.SA) reported a 23.9% rise in net profit in the third quarter, helped by an early debt downpayment from power distribution firm Amazonas Energia, it said on Tuesday.
The 1.45 billion reais ($348.25 million) payment boosted cash flow in the third quarter and accounted for 940 million reais of Petrobras Distribuidora’s overall net profit of 1.34 billion reais, it said.
Tuesday’s quarterly results are the second since it was effectively privatized in July after its state-run owner, Petroleo Brasileiro SA (PETR4.SA) or Petrobras, sold a 30% stake as part of a plan to dispose of assets and focus on offshore oil exploration and production.
The distributor operates Brazil’s largest gas station chain, with more than 8,000 outlets operating under its brand name, BR Distribuidora
Brazil’s largest fuel distribution company said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 22.2% to 771 million reais, and adjusted EBITDA margin rose 0.8 percentage point to 3.2%.
Revenue fell 7.9% from the same period last year to 24.36 billion reais, the company said, while the volume of sales fell 4.4%.
Net debt fell 45.4% to 2.31 billion reais.
Shares in the company closed up 3.0% on Monday before the company reported, their biggest rise in almost three months.
Reporting by Jamie McGeever; editing by Jason Neely and Louise Heavens