Brazilian energy company Petrobras has reported a net income of $8.25bn (R$42.9bn) for the second quarter of 2021 compared with a loss of $521.3m (R$2.713bn) in the year-ago period.

Petrobras attributed the increase in profit to higher margins on oil products, improved sales volumes of oil and oil products, as well as higher Brent prices.

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It also attributed the net income boost to equity gains in investments including impairment reversal at Petrobras Distribuidora (BR Distribuidora).

The company’s net revenue surged by 117% to $21.29bn (R$110.7bn) from $9.8bn (R$50.89bn) in the second quarter of 2020.

Adjusted EBITDA rose to R$61.9bn in the three-month period to June 2021 as against R$24.9bn a year ago.

During the second quarter, Petrobras’ natural gas revenue stood at R$7bn, an increase of 23.4% compared with Q1 2021. This was due to increased demand in the non-thermal market.

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The company reported R$63.8bn in oil products revenue in the domestic market, an increase from R$52.03bn in Q1 2121.

In a press statement Petrobras said: “In terms of revenue breakdown in the domestic market, diesel and gasoline continued to be the main products, accounting, together, for 73% of the domestic oil products sales revenues in 2Q21.”

The firm’s significant operating cash flow and free cash flow were R$56.6bn and R$48.6bn, respectively.

Petrobras CFO Rodrigo Araújo Alves said: “The solid results achieved this quarter, especially the operating cash flow and free cash flow, result from our resilience, focus on the best assets and our ability to adapt.”

Petrobras’ net debt was reduced by 8.8% to $53.3bn, and gross debt to $63.7bn in the second quarter.