Arab Today, arab today petrobras net profit falls nearly 90
Last Updated : GMT 12:48:35
Arab Today, arab today
Arab Today, arab today

Petrobras net profit falls nearly 90%

Arab Today, arab today

Arab Today, arab today Petrobras net profit falls nearly 90%

Petrobras Research Centre
Rio de Janeiro - AFP

Brazil's state-run oil giant Petrobras, rocked by a massive graft scandal, said Thursday that second quarter net income fell nearly 90 percent from a year ago, in part due to plummeting crude prices.

The company attributed the sharp drop in net income -- a figure that was far lower than analysts had expected -- to an increase in tax expenses.

Petrobras also said it suffered from a 1.3 billion reais deterioration in the value of its assets after slashing its multi-year investment plan.

The company reported net income of 531 million reais ($150 million) in the second quarter, compared to 4.96 billion reais in the same period last year.

In the first quarter, Petrobras clocked net income of 5.330 billion reais.

Share value has plummeted as the company battles a mountain of debt and struggles to meet production goals in the wake of the corruption scandal.

Prosecutors estimate that some $2.1 billion in bribes was moved as part of the scheme, and several top politicians have been implicated.

Investigators allege that top Petrobras executives colluded with construction companies to inflate contracts and to bribe politicians.

Numerous government officials have been arrested in the probe, with police detaining a top aide to former president Luiz Inacio Lula Da Silva this week.

The former treasurer of the ruling Workers' Party was arrested in April on charges that he funnelled bribes skimmed from the top of fake Petrobras contracts.

Prosecutors have also announced charges against Marcelo Odebrecht, chairman of Brazil's biggest construction firm, Odebrecht.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today petrobras net profit falls nearly 90 Arab Today, arab today petrobras net profit falls nearly 90

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today petrobras net profit falls nearly 90 Arab Today, arab today petrobras net profit falls nearly 90

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday