PREVIEW-Petrobras Q3 seen higher ahead of crisis impact

*Third-quarter profit seen up 69 percent yr-on-yr

*Higher oil price, robust sales seen boosting profit

By Denise Luna

RIO DE JANEIRO, Nov 10 (Reuters) - High oil prices and
robust sales likely helped Brazilian state-run oil giant
Petrobras (PETR4.SA: Quote, Profile, Research) record a rise in net profit of nearly 70
percent in the third quarter, before the brunt of the global
financial crisis struck, analysts said.

The average forecast from five analysts polled by Reuters
was a net profit of 9.3 billion reais ($4.4 billion), up 69
percent from the same period in 2007. Revenue was seen gaining
25 percent to 55.6 billion reais.

World oil prices in the July-September period were around
50 percent higher than the same period a year earlier. Since
the end of September, the price of a barrel of oil has plunged
to near $60 from around $100.

The prices of Petrobras' diesel and gasoline, its main
products, rose 15 percent and 10 percent, respectively, from a
year ago. Petrobras is scheduled to report its earnings Tuesday
after the market closes.

"It will be the last sigh," said Adriano Pires, director of
the Brazilian Center of Infrastructure. "The chicken that laid
the golden eggs died in the third quarter."

Nelson Matos, an analyst at Banco do Brasil Investments,
said a rise in Brazil's overall fuel production of 5.5 percent
in the quarter from a year ago and a 6.3 percent rise in sales
should help Petrobras' profits in the period.

He noted Brazil's National Petroleum Agency said sales of
diesel oil rose 8.6 percent from a year ago, while natural gas
sales jumped 25 percent.

The Brazilian currency's 20 percent slide against the
dollar during the quarter, to around 1.9 per dollar from 1.6 in
July, would also support Petrobras' bottom line, analysts
said.

A strong local currency decreases the value of Petrobras'
assets abroad and hurts its exports.

FORECAST 2007 2008 CHANGE Y-Y

Q3 Q3 Q2
Net Revenue 55.6 bln 44.4 bln 54.5 bln +25.2 pct
EBITDA 17.0 bln 13.0 bln 18.1 bln +30.7 pct
Net Profit 9.3 bln 5.5 bln 8.8 bln +69.0 pct

($1=2.13 reais)
(Writing by Stuart Grudgings; editing by Leslie Gevirtz)