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  HOME | Brazil (Click here for more)

Brazil’s Petrobras Posts Net Loss for Fourth Straight Year

RIO DE JANEIRO – Brazilian state oil company Petrobras, which was at the center of a multi-billion-dollar kickback scandal that ensnared powerful politicians and business leaders, said Thursday it posted a net loss of 446 million reais (around $139.3 million) in 2017.

That marked Petrobras’ fourth straight year in the red.

The oil company’s finances, however, improved last year relative to 2016, when its net loss amounted to 14.8 billion reais (roughly $4.5 billion).

Petrobras said it would have posted net income of 7.1 billion reais (some $2.2 billion) last year.

But the company’s results were adversely affected by an 11.2-billion-reais ($3.5-billion) payout it made to settle a United States class action brought by shareholders who claimed they had been materially hurt by the corruption scandal.

The scheme centered on Petrobras has ensnared dozens of business leaders who oversaw the payment of bribes for government contracts and political figures who pocketed kickbacks and provided cover for the graft.

 

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