Brazil’s Petrobras reports $10.2 billion quarterly loss

FILE – In this Sept. 22, 2010 file photo, workers stand by the construction of Petrobras oil

Brazil’s state-run oil company, Petrobras, reported a record quarterly loss of $10.2 billion Monday due to a large reduction in the value of some assets amid lower oil prices.

Petrobras has been at the center of a sprawling corruption scandal that has ensnared some of Brazil’s most powerful lawmakers and business executives.

The embattled company said it lost 36.9 billion reais, or $10.2 billion, in the fourth quarter. That brought its full-year 2015 result to a $9.6 billion loss. Net sales, or total sales minus sales taxes, was $23.5 billion for the quarter. Adjusted earnings before interest, taxes, depreciation and amortization totaled $4.7 billion.

Once the crown jewel of Brazil’s government, Petrobras’ image quickly lost its luster amid mismanagement and corruption.

Read the full story on AP.

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