Petrobras releases 2014 third quarter results; profits drop 9 percent

MarketsAssociated Press

Brazil's state-run oil company says its 2014 third quarter profits slid 9 percent compared to the same period in 2013

Petrobras released its quarterly results on Wednesday. The report had been delayed amid ongoing investigations into a massive corruption scandal.

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Third quarter profits totaled 3.1 billion reals ($1.2 billion), down 38 percent from that posted in the second quarter of 2014.

Chief Executive Maria das Gracas Foster said corruption related payments were wrongly recorded in the past as legitimate costs.

She said it would be "impractical to quantify these values, given that the payments were made by outside suppliers and cannot be traced to the company's accounting books."