19:40 GMT +317 March 2018
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    A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil in this September 30, 2015 file photo

    Brazil’s Petrobras Posts 2-Year High Net Profit of $1.42 Billion

    © REUTERS/ Ueslei Marcelino
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    Brazilian energy giant Petroleo Brasileiro (Petrobras) said Thursday its first-quarter net earnings this year reached the two-year best of 4.4 billion reais ($1.42 billion).

    MEXICO CITY (Sputnik) — The company’s net income with interest, taxes, depreciation and amortization was up by 19 percent and stood at 25.25 billion reais ($8 billion).

    According to its statement, Petrobras managed to reverse the first-quarter net loss it suffered last year when it fell short of 1.25 billion reais ($360 million).

    The oil producer underwent a restructuring in 2015 after the company found itself at the heart of a major corruption scandal that forced Petrobra to sell assets in order to pay debts. It raised $13.6 billion over two years.


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