Venezuela's PDVSA says net profit up 50 pct in 2008

By Antonio de la Jara

CARACAS, June 7 (Reuters) - Net profits at Venezuela's PDVSA rose 50 percent in 2008 to $9.4 billion, the oil company reported late on Saturday, driven by windfall oil prices that also financed a jump in spending by President Hugo Chavez.

PDVSA, Venezuela's largest company and the motor driving Chavez's socialist revolution, earned a profit of $6.3 billion.

"The results obtained during 2008 confirm PDVSA as the most important company in Venezuela, a fundamental pillar for the construction of 21st century socialism," the company said on its website.

Operating income rose to $126.4 billion, up 31 percent from the year before as oil prices soared to a peak of $147 last year. Prices fell sharply in the second half of the year, but the average for 2008 was still about double the price so far in 2009.

PDVSA gave $53 billion to the government -- 21 percent more than in 2007. The company said it invested $15.3 billion, mainly in exploration and production.

The company said it reduced its debt to $15.1 billion from $16.6 billion in 2007. (Editing by Maureen Bavdek)