Brazil: Petrobras is third largest company in the Americas by market value

20 May 2008

Sao Paulo, Brazil, 20 May – Brazilian oil company Petrobras has become the third largest company in the Americas by market value, behind just Exxon Mobil and General Electric, Brazilian newspaper Folha de Sao Paulo reported Monday.

According to the paper, which cited a study by consultancy Economática, the market capitalisation of the Brazilian oil company’s shares rose to US$287.17 billion on 16 May, exceeding the value of US company Microsoft.

Shares in the state Brazilian company posted a rise in price over the last few days, leading the Ibovespa index to hit record highs.

Over the last 12 months, the market value of the state company has more than doubled driven by oil strikes on the Brazilian coast, such as the Tupi and Carioca fields.

The study by Economática showed that Exxon Mobil, with a market capitalisation of US$489.64 billion, is at the top of the list, followed by General Electric (US$320.25 billion) and Microsoft (US$279.3 billion), in fourth place.

Last week, Petrobras announced net profit of US$4.22 billion for the first quarter of the year, a rise of 68 percent against the same period of 2007 and above analysts’ expectations. (macauhub)