Brazilian national oil company Petrobras registered net profits of 6.961 billion reais (about 1.96 billion U.S. dollars) in the first quarter, up 56 percent year-on-year and the best first quarter results for the firm in five years.
Announcing the results on Tuesday, Petrobras CEO Pedro Parente said that the results show that "we are delivering what we promised in the business plan announced in 2016."
"With this result, we are consolidating Petrobras' path to recovery," He added.
This result is the best since Petrobras' reputation was tarnished in 2014 when Operation Lava Jato (Car Wash) discovered a massive corruption ring within its ranks, with executives, politicians and contractors embezzling billions of dollars.
This net profit also contrasts sharply with 5.477 billion reais (about 1.542 billion U.S. dollars) of losses which Petrobras registered in the fourth quarter of 2017.
Announcing the results on Tuesday, Petrobras CEO Pedro Parente said that the results show that "we are delivering what we promised in the business plan announced in 2016."
"With this result, we are consolidating Petrobras' path to recovery," He added.
This result is the best since Petrobras' reputation was tarnished in 2014 when Operation Lava Jato (Car Wash) discovered a massive corruption ring within its ranks, with executives, politicians and contractors embezzling billions of dollars.
This net profit also contrasts sharply with 5.477 billion reais (about 1.542 billion U.S. dollars) of losses which Petrobras registered in the fourth quarter of 2017.
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