UPDATE 2-Petrobras posts $1.01 bln 3rd-qtr loss on exchange rate, oil prices

jueves 12 de noviembre de 2015 19:23 GYT
 

* Exchange-rate losses wipe out operational gains

* Currency helps total debt rise 44 percent (Adds company comment, financial information)

By Jeb Blount and Rodrigo Viga Gaier

RIO DE JANEIRO, Nov 12 (Reuters) - Brazilian state-led oil company Petrobras posted a loss of 3.76 billion reais ($1.01 billion) in the third quarter as lower oil prices, a weaker Brazilian currency against the dollar and the country's worst recession in decades crimped revenue.

It was the third loss in five quarters at Petroleo Brasileiro SA, as Petrobras is formally known, and widely missed market expectations for a loss of about 800 million reais. A year earlier, Petrobras recorded a 5.34-billion-real loss.

"Our strong operational result was consumed by a decline in the exchange rate," Chief Financial Officer Ivan Monteiro told reporters in Rio de Janeiro.

He said Petrobras is "working every day to cut costs and improve our operations" and find ways to raise new cash and restructure its debt profile.

Monteiro and the company's chief executive, Aldemir Bendine, who joined earlier this year from Banco do Brasil SA, are struggling to cut costs and sell assets as they seek to maintain key investments in giant offshore oilfields and cut the company's debt, the largest in the oil industry.

Petrobras' total debt expanded 44 percent to 506.6 billion reais since the end of 2014, largely as a weaker real drove up the local currency value of its mostly dollar debts. In dollars, its debt shrank 4 percent to $127.5 billion, still among the biggest of any industrial company on the planet.   Continuación...