Brazil’s Petrobras Profits Soar US$2.7 Billion in Second Quarter

Latest earnings report show Petrobras may finally be putting the corruption scandal and drop in crude prices behind them as the company registered a massive increase in net profits for the second quarter of 2018.

By Nelson Belen, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Brazil's beleagured state-run oil company Petrobras registered a surprising surge in their latest earnings report on Friday, August 3rd, with net second quarter income soaring to US$2.68 billion (R$10.072 billion), up three thousand percent from the US$84 million (R$316 million) in the same period last year.

Overall, the first half of 2018 for Petrobras has been impressive with the company posting its biggest profit since 2011. First half net income reached US$4.54 billion (R$17.033 billion), 257 percent higher than . . .

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