Record loss fails to hit outlook for Petrobras

摘要

BRAZIL'S Petrobras has unveiled a record quarterly loss after booking a massive impairment on certain exploration and production assets resulting from the Covid-19 pandemic, but analysts seem confident the company's financial situation is sound. Petrobras posted a net loss of 48.5 billion reais ($8.5 billion) in the first quarter of 2020, compared to a net profit of 4 billion reais in the same period a year ago. Net revenues increased 6.5% to 75.5 billion reais. The oil giant took a hefty non-cash 65.3 billion reais impairment in the first quarter arising from the revision of its long-term Brent price forecast.