Brazil's Petrobras Posts $1.01B Loss In 3Q

Reuters

RIO DE JANEIRO, Nov 12 (Reuters) - Brazilian state-led oil company Petrobras posted a loss of 3.76 billion reais ($1.01 billion) in the third quarter as lower oil prices, a weaker Brazilian currency against the dollar and the country's worst recession in decades crimped revenue.

It was the third loss in five quarters at Petroleo Brasileiro SA, as Petrobras is formally known, and widely missed market expectations for a loss of about 800 million reais. A year earlier Petrobras recorded a 5.34-billion-real loss.

Net sales, or total sales minus sales taxes, fell 6.9 percent to 82.2 billion reais compared with 88.4 billion a year earlier.

Operational results, however, improved strongly. Earnings before interest, taxes, depreciation and amortization, a key measure of cash generation known as EBITDA, rose 82 percent to 15.5 billion reais from 8.49 billion reais.

($1 = 3.77 reais)

(Reporting by Jeb Blount; Editing by Chizu Nomiyama and Leslie Adler)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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