Brazil's Petrobras 2Q Net Profit Falls 68%

By Paul KiernanFeaturesDow Jones Newswires

Brazillian state-controlled oil company Petróleo Brasileiro SA, or Petrobras, reported Thursday a decline in its second-quarter earnings as taxes and costs of a voluntary buyout program soared.

Petrobras said its net profit fell 68% from the second quarter of 2016 to 292 million Brazilian reais ($92.3 million).

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The company's revenue fell 6.1% to 67 billion reais, while earnings before interest, taxes, depreciation and amortization fell 6.6% to 19.09 billion reais.

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(END) Dow Jones Newswires

August 10, 2017 17:57 ET (21:57 GMT)