Petrobras publishes abysmal result

"Maybe the final number doesn't show the company's grandiosity," says Petrobras CEO following the interim report which includes debt of around USD 125 billion.

Photo: Eraldo Peres/AP/POLFOTO

If cars could run on corruption then the financial report from Petrobras would have been an easier pill to swallow. Unfortunately for the Brazilian oil company, this is not the case. The interim report for the second quarter of the year actually reflects that there is much more money under the table than on the table for the company. With a net result of USD 150 million, the bottom line thus takes a fall of 90 percent compared to the same period last year.

According to the Wall Street Journal, analysts had expected a drop of 20 percent.

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