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Brazil earnings snippets

Petrobras (PBR) reported a quarterly profit of R$5.82Bn. This is down from the 1q08 R$7.24Bn but just beat out analyst forecasts of R$5.71Bn average. So kind of ok for PBR, but.....

Pao de Azucar ( brought hom an excellent quarter of R$94.9m, which beat out the Bloomberg forecast average of three analysts of R$75.8m. The most interesting feature of the number is that Pao de Azucar is Brazil's biggest food retailer and reports strong sales for 1q09. The shares are up slightly in early trading.

As for an angle on this retail sales buoyancy in Brazil, how about are old friend Mercado Libre (MELI)?. Definitely not a recommendation but simply a place where you might want to do further DD.

UPDATE: Bloomie also has a report linked here on Petrobras company comments on its results, with the CFO talking 'cost overhang'. Good background.