RIO DE JANEIRO, BRAZIL - Petrobras recorded profits of R$59.8 (US$10.9) billion in the 4th quarter last year and closed the year with a profit of R$7.1 (US$1.3) billion. The result contrasts with the losses expected by the experts.
Low oil prices and a production drop in the 4th quarter had been expected to lead to a net loss for the state-owned company.
In the year, revenue totaled R$272 (US$50.3) billion. It was R$74.9 billion in the last quarter.
EBITDA (earnings before interest, taxes, depreciation, and amortization . . .