Petroleo Brasileiro S.A. - Petrobras (PBR)

[eFinanceMarkets]

Petrobras wins tax ruling from 2009, saving $1.6B

Petrobras (PBR +2.4%) moves higher after a Brazilian appeals panel late Friday made a final ruling in favor of the company and will allow it to deduct all production costs for oil and natural gas from its 2009 federal taxes.

In setting a final tax liability of 5.8B reais ($1.87B), the Administrative Board of Tax Appeals saved PBR more than 5B reais ($1.62B), based on tax data from the company's most recent quarterly financial report.

PBR also is enjoying continued momentum from last week’s report of
a $1.4B Q1 net profit, the company's largest in two years, that lifted shares by 5%.