RIO DE JANEIRO: Brazil's state-owned Petrobras oil, mired in a graft scandal, on Friday posted Q1 revenue down 1.1 percent on the same period last year, indicating it may turn a corner after a year of woe.
The company reported net income of 5.330 billion reais ($1.778 billion) on sales of 74.4 billion reais.
Last year's Q1 results had brought net income of 5.393 billion reais, the dollar value translating at the time to $2.420 billion -- but the real has shed around a fifth of its value this year against the US currency unit.
Last year's result was a 30 percent fall on 2013.
Petrobras financial director Ivan de Souza Monteiro welcomed the result and said it put the company back on a "normal" path after the tribulations of the past year and a quarter.
"When this board took over there was not even the perspective of getting an (externally) audited balance," Monteiro told a news conference in Rio.
"With this normalization we can start to get back to normal life."
He said he wanted to "win back the confidence of the market," but added the company still faces hurdles.
"We are very satisfied with the results obtained although challenges lie ahead," he said.
Comments
Comments are closed.