Petrobras profits plummet in Q2 | The Daily Star
12:00 AM, August 13, 2017 / LAST MODIFIED: 12:00 AM, August 13, 2017

Petrobras profits plummet in Q2

Brazil's troubled oil giant Petrobas on Thursday reported a 93 percent drop in profits in the second quarter of 2017 from the previous three months.

Petrobras reported 316 million reais profits ($100 million), down from 4.4 billion in the first quarter.

It was still the third consecutive quarter of profits for the company, which has struggled in the aftermath of lower oil prices and its role at the center of a huge corruption scandal in Brazil.

In 2016 it lost 14.8 billion reais ($4.2 billion in the average exchange rate for last year). 2015 saw losses of 34.8 billion reais.

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