Brazilian state-run oil firm Petroleo Brasileiro SA reported its first annual pr...
RIO DE JANEIRO - Brazilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday as it swung to a net profit in the fourth quarter, although one-time provisions and writedowns led it to miss estimates.
Chief Executive Roberto Castello Branco, who took the reins in January, called 2018 the best year in some time, while adding that there was still much more to be done across several business segments. Petrobras took charges of around 11.4 billion reais in the fourth quarter for various impairments and money put aside as judicial contingencies.
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