SÃ O PAULO—Brazil's state-run oil firm Petró leo Brasileiro SA
on Thursday reported second-quarter net income of 531 million reais
($150.2 million), much lower than analysts' expectations, weighed
down by slumping oil prices and a hefty tax settlement with the
Brazilian government.
The company's net income fell almost 90% compared with the same
quarter a year ago. The company's revenue totaled 79.94 billion
reais in the quarter, down 3% from the same period in 2014.
Earnings before interest, taxes, depreciation and amortization, or
Ebitda, increased 21.7% to 19.77 billion reais in the second
quarter.
Petrobras took a 1.6 billion reais charge reflecting back taxes
and fines paid to settle a tax dispute with Brazilian authorities.
Brazil's tax appeals board ruled in July that the company owed a
financial transactions tax on loans made to foreign subsidiaries in
2008.
Petrobras shares were up 3.3% at 10.34 reais in after-hours
trading in Sã o Paulo.
Write to Will Connors at william.connors@wsj.com and Luciana
Magalhaes at Luciana.Magalhaes@dowjones.com
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