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Brazil’s Petrobras Posts Sharp Decline in Earnings

Petrobras said its net profit fell 30% in the second quarter from a year earlier to 370 million Brazilian reais ($117.8 million). Contributing to the decline was a 1.12 billion-real impairment charge from its vastly overpriced Comperj refinery project, which is under review.

Revenue declined 11% from the second quarter of 2015 to 71.32 billion reais, hit by weak fuel demand in recession-stricken Brazil and lower oil prices in the international market.

Earnings before interest, taxes, depreciation and amortization, a measure of cash flow known as Ebitda, rose 2.8% on the year to 20.32 billion reais after adjusting for nonrecurring impacts.

Solange Guedes, Petrobras’s director of exploration and production, said Thursday that results in the third and fourth quarters of this year will be “much better” now that the Comperj write-off is...


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