(MENAFN) Brazilian state-run oil giant Petrobras posted a 20 percent drop of its profits for the second quarter of the year, Gulf Daily News reported.
Petrobras registered a net profit of USD2.22 billion in the April-June period, compared to USD3 billion compared to the same period last year.
The slump in profits was due to a USD349.59 million drop in revenue as well as an increase in federal taxes, the CEO of Petrobras said.
However, income from sales increased USD36.9 billion, up by 12 percent compared to the same period last year.
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