Brasília – Brazil’s state-run oil company Petrobras posted BRL 446 million (USD 136 million) in losses in 2017. It was the smallest loss in four years for the company, it said this Thursday (15).
The losses were prompted by one-off expenses, without which Petrobras would have seen BRL 7.089 billion (USD 2.173 billion) in net profit. The expenses included a BRL 11.198 billion settlement of a class action suit involving United States investors, as well as federal debt clearance program-related spending to the tune of BRL 10.433 billion (USD 3.198 billion).
Petrobras’ 2017 net debt was USD 84.871 billion, the lowest amount since 2012. Average debt maturity also increased from 7.46 to 8.61 years, with average interest dropping from 6.2% to 5.9%. Annual interest spending slid from BRL 25.6 billion (USD 7.84 billion) in 2016 to BRL 22.3 billion (USD 6.8 billion) last year.
*Translated by Gabriel Pomerancblum=
