Brazil’s Petrobras posts third year of losses in a row Brazilian state-run oil company Petrobras on Tuesday posted its 2016 balance sheets, showing the third year in a row of net losses. The company lost R$14.8 billion in 2017, with revenues and profits hurt by the high cost of rolling over debt and by huge write-downs in asset values following a long bribery and money laundering scandal. The losses, however, were not as steep as in 2015, when Petrobras lost R$34.8 billion. Recent trends in oil prices along with continued asset sales should help Petrobras improve its performance in 2017, according to financial market analysts.
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