Brazil's Petrobras Posts Loss Following Settlement Charges
March 15 2018 - 8:03AM
Dow Jones News
By Jeffrey T. Lewis and Luciana Magalhaes
SÃO PAULO -- Brazilian state-controlled oil company Petróleo
Brasileiro SA, or Petrobras, said Thursday it posted a net loss in
the fourth quarter and in 2017 because of a series of extraordinary
expenses, including $3.4 billion to settle a class-action suit in
the U.S.
The company had a loss of 5.5 billion reais ($1.7 million) in
the last three months of 2017, the Rio de Janeiro-based company
said. For the full year, Petrobras reported a net loss of 446
million reais.
Petrobras said it would have had a net profit of 7.1 billion
reais in 2017 without the extraordinary payments.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com and Luciana
Magalhaes at Luciana.Magalhaes@wsj.com
(END) Dow Jones Newswires
March 15, 2018 08:48 ET (12:48 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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