PDVSA Q1 profit rises 80% to US$3.45bn

Venezuelan state oil company PDVSA's first quarter net profit rose roughly 80% to US$3.45bn from US$1.92bn in the same quarter of 2007. Total revenue climbed 52% to US$31.4bn from US$20.7bn in 1Q07, the company said in a statement. Ebitda rose 85% to US$33.3bn for the quarter compared to the US$19.7bn in the first three months of 2007. PDVSA attributed the gains to the higher price of oil and increased production in the Orinoco heavy crude belt. Total costs rose 38% to US$24.3bn compared to US$17.6bn in 1Q07. The company's social development spending, meanwhile, skyrocketed 376% to US$2.68bn from US$562mn in the first quarter of last year. PDVSA's total contribution to the Venezuelan state rose 112% in the quarter to US$7.39bn compared to the US$3.48bn in 1Q07. The company reported total debt of US$16.1bn as of March 31, 2008. PDVSA did not specify if the results were audited.