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Petrobras misses estimates as revenue disappoints, debt slumps

Published 21/03/2017, 21:32
© Reuters. The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria
PETR3
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RIO DE JANEIRO/SAO PAULO (Reuters) - Brazilian state-controlled oil company Petróleo Brasileiro SA (SA:PETR3) missed fourth-quarter profit estimates on Tuesday after revenue came in well below expectations.

According to a statement, Petrobras earned net income of 2.510 billion reais (179 million pounds) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net debt slumped 20 percent to 314.120 billion reais at the end of last year.

© Reuters. The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria

Chief Executive Officer Pedro Parente is discussing results with reporters at an event in Rio de Janeiro.

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