Brazil’s Petrobras Posts Weaker Than Expected Q3 Results

Despite the weaker results, Q3/2017 registered a positive result when compared to the same period last year when the company reported a loss of R$16.4 million.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Petrobras, the oil giant of Brazil, announced its third quarter results yesterday (Tuesday, November 14th), with a net profit of R$266 million for the three-month period. The results were significantly lower than that expected by the market.

"The result was lower than the market expected, but this was due to extraordinary items, which totaled around R$2 billion,” explained president of Petrobras, Pedro Parente, according to Reuters news agency.

“These [extraordinary items] reduced the result in this quarter to numbers of around R$300 million reais, [but] still . . .

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