State-owned companies’ profits melt with Lula

State-owned companies’ profits melt with Lula
State-owned companies’ profits melt with Lula

While Lula (PT) is looking for ways to intervene in Petrobras, the profits of the main federal state-owned companies (Petrobras, Banco do Brasil, BNDES, Caixa Econômica Federal and Correios) fell by 24% in 2023.

Together, they recorded a net profit of 182 billion reais, recorded the Folha de S.Paulo.

The negative performance was driven by the oil company led by PT member Jean Paul Prates, which recorded a 33% drop compared to 2022.

The result also included the collaboration of the development bank. Presided over by PT member Aloizio Mercadante, the National Bank for Economic and Social Development saw its net profit fall to 11.9 billion reais, 5% less than the previous year.

Caixa and Banco do Brasil recorded better results last year, with expansions of 15.5% and 11.3%, respectively.

Correios, in turn, had a 22% smaller loss in 2023, of 596 million reais.

State-owned companies’ excuses

The explanation for the results of state-owned companies varies.

Petrobras management, for example, attributes the poor result in 2023 to the devaluation of the barrel of Brent oil on the international market, which fell by 18% compared to 2022.

The BNDES says that the basis for comparison with 2022 was harmed by the sale of shares in the last year of Jair Bolsonaro’s administration. At the time, the development bank disposed of shares in different companies, such as Petrobras and Vale.

Lula, the controller of Petrobras

The Minister of Finance, Fernando Haddad, stated on Wednesday, 27, that Lula will act as controller of Petrobras’ pricing and investment policy.

“The president has already said a million times that, both in relation to Petrobras’ pricing policy and in relation to Petrobras’ investment policy, being a strategic company, he will act as the controller so that Petrobras, for example, invests more in ecological transformation. It is the controller’s right to encourage Petrobras in this direction. If the oil is not going to end, it will be used less and less”said the minister.

The head of the government’s economic team, however, denies that the investment direction is an intervention in the state-owned company.

“I don’t think this is an intervention”he stated.

The article is in Portuguese

Tags: Stateowned companies profits melt Lula



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