Brasília, 13 (Agência Brasil - ABr) - The Petrobras balance sheet for the first quarter shows profits of R$866 million (US$352 million), down 69% from the first quarter of 2001. According to company spokesmen, falling international prices and lower domestic sales pushed profits lower.

In spite of the falling profits, Petrobras broke production records. In March it reached 1,501,000 barrels per day, with average daily production for the first quarter at 1,489,000 barrels per day, up 10.1% over the same period in 2001. Exports rose 65%, to 160,000 barrels per day. (AB)