Brazilian state-run oil firm Petrobras on Thursday reported an increase of around 22% in its third-quarter net profit, and announced $3 billion in dividends.

Brazil’s Petrobras posted a 7.6% gain in its third quarter profits, even though its revenue fell over the last year, according to the state-owned company’s latest quarterly report. Net income for Petrobras was $5.87 billion (32.6 billion reais) in the three months ended 30 September, compared to $5.45 billion a year ago.

Brazilian state-run oil firm Petrobras sees as "technically possible" to issue extraordinary dividends by the end of the year if its strategic plan is approved on schedule this month, its Chief Financial Officer said on Friday.