UPDATE 4-Brazil's Petrobras reports third straight quarterly loss

jueves 12 de mayo de 2016 21:11 GYT
 

(Adds quotes from CFO, debt and cash information)

By Jeb Blount and Marta Nogueira

RIO DE JANEIRO May 12 (Reuters) - Brazil's state-controlled oil company Petroleo Brasileiro SA posted its third-straight quarterly loss on Thursday as oil prices and production fell and a weaker currency boosted debt costs.

The result missed analyst expectations of a profit.

The consolidated net loss at Petrobras, as the company is known, was 1.25 billion reais ($358 million) in the three months ending March 31, compared with a profit of 5.33 billion reais a year earlier, the Rio de Janeiro-based company said in a securities filing.

The average estimate of five analysts surveyed by Reuters was for a profit of 3.64 billion reais.

Petrobras has struggled mightily with a plunge in world oil prices and its role at the center of a massive corruption scandal. It is saddled with the oil industry's largest debt and has also been hurt by falling domestic demand due to Brazil's worst recession since the 1930s.

That scandal helped lead to the removal of Brazilian President Dilma Rousseff, a former Petrobras chairwoman, earlier on Thursday by the country's Senate.

The average price of benchmark Brent crude oil fell 36 percent in the first quarter to $35.21 a barrel from $55.13 a barrel a year earlier. Efforts to reduce Petrobras' debt were also limited by an 11 decline in the value of Brazilian real against the U.S. dollar, raising the local currency cost of foreign debt.   Continuación...