Brazilian state-controlled oil firm Petrobras’ second-quarter profit fell from a year earlier, because of lower oil prices and a large tax charge. The firm’s profit dropped by 89pc to 531mn reals ($152mn) in April-June (see table). The R3.1bn tax charge largely related to a Brazilian court’s decision in July ordering Petrobras to pay duty on loans made to subsidiaries in 2008. And it will book a further R2bn tax charge in the third quarter.
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