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Petrobras, Banco do Brasil and Eletrobras together profited R$ 28,6 billion, with the result boosted by the sale of subsidiaries.
Economatica consolidated quarterly net income adjusted for IPCA inflation through June 2019 of Brazil's three largest publicly traded state-owned companies—Eletrobras, Banco do Brasil and Petrobras, which has boosted its profits by focusing on ultra-deep water exploration.
The profit of BRL 28,6 billion in the second quarter of 2019 is the highest on record, considering historical values adjusted for inflation. The highest previous profit was in the third quarter of 2008 when state-owned companies registered R$ 14,83 billion nominally, which adjusted by the IPCA until June 2019 is R$ 27,02 billion. The IPCA in the period appreciated 82,22%.
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The biggest loss of the state-owned companies happened in the fourth quarter of 2015 when they registered R$ 51,9 billion, with values adjusted by the IPCA until June 2019.
From January 1999 to June 2019 there are 82 quarters, in this period the state-owned companies suffered losses in 9 opportunities, one in the fourth quarter of 1999 and the other eight opportunities between the third quarter of 2014 and the fourth quarter of 2017.
Petrobras' profit of R$ 18,8 billion in the second quarter of 2019 is the highest profit for a publicly traded company for a second quarter since 1986. For the survey, Economatica adjusted historical data for the inflation measured by the IPCA until June 2019.
In the list of the 20 highest profits for a second quarter with figures adjusted for inflation, we find only four companies: Petrobras (13 times), Vale (5 times) and Banco do Brasil and Eletrobraas on one occasion.
If we analyze the results without adjusting for inflation, we have companies from four sectors: Oil, Banks, Energy and Mining. Petrobras appears in nine opportunities, ItauUnibanco in four, Vale in three, Eletrobras in two and Bradesco and Banco do Brasil once.
The biggest loss adjusted for inflation for a first semester is that of Banco do Brasil, which in 1996 registered nominally R$ 7,78 billion, which adjusted for inflation until June 2019 would represent a loss of R$ 30,6 billion.
The banking and energy sectors have four losses in the top 20, mining three, three sectors with two records and another three with one loss record.
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