BRASILIA, Feb 20 (NNN-AGENCIES) — Brazilian oil giant Petrobras said it made a record net profit last year, shaking off the lingering effects of a massive corruption scandal.
The state-run company reported a net profit of 40.1 billion reals in 2019, up 55.7 percent from the year before.
It was the second straight year of profit for Petrobras, which had spent the three previous years deep in the red.
The firm is still recovering from the scandal triggered by “Operation Car Wash,” a sweeping probe launched in 2014 that uncovered widespread corruption in which the company was essentially plundered by politicians and business executives.
Petrobras said the record profit was thanks to low production costs and an asset sell-off that netted it $16.3 billion last year.
Fourth-quarter profit, however, came in below analysts’ forecasts, at around $2 billion.
The earnings report comes amid a strike by Brazilian oil workers that has left Petrobras scrambling to avoid a drop in production.
The strike was launched on Feb 1 over Petrobras subsidiary ANSA’s decision to close a fertilizer plant in the southern state of Parana, with around 1,000 total layoffs.
Around 21,000 workers remained on strike Wednesday, defying a court order, according to the union FUP. — NNN-AGENCIES
