(MENAFN) Brazil's state oil giant Petrobras said it logged USD7.2 billion losses last year, USD2.1 billion of which drained down by a corruption scheme, Xinhua reported.
The figure marked the first loss for Petrobras since 1991. In 2013, the oil giant reported profits of USD7.86 billion. In the third quarter of 2014, it had losses of USD1.77 billion.
The company has been going through a rough time since the beginning of the investigation last year, and both of its common and preferred stocks fell some 37 percent in 2014.
The company attributed the losses mainly to the devaluation of assets, impairment, provisions for losses in the electric sector and the losses incurred in the corruption scheme.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.