Petrobras

Petrobras racks up massive losses due to write-offs

BBC News 

Brazil's state oil giant Petrobras has reported a massive loss for the third quarter of its financial year. Analysts had been expecting the firm to make a profit, but instead it lost 16bn reais ($4.8bn; £3.86bn). Petrobras said low oil prices had forced it to cut the value of oil fields and other assets. The firm is restructuring under new management after a corruption scandal battered the company's finances last year. The shake-up has been welcomed by investors, with Petrobras shares almost trebling in value on the Brazilian stock market since January. Analysis: Daniel Gallas, South America business correspondent Last month, Petrobras' CEO Pedro Parente told me the company would be back to its ...

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