The earnings of Brazil's Petrobras in the 1st quarter of 2020 are down more than 1,300% compared to a year ago, as the coronavirus pandemic hits oil demand.
The company posted a net loss of 48.5 billion reals for the first 3 months of the year, its worst quarter since it was hit by a huge corruption scandal in 2014-2017.
The loss was mainly because of a 65.3-billion-real impairment charge the firm took when it wrote down the value of some of its oil fields, saying the"challenging environment" now meant they were overvalued. "The global oil and gas industry has been hit hard and is facing its worst crisis in the last 100 years," chief executive Roberto Castello Branco said in a statement.
Petrobras' 1st quarter earnings were down more than 1,300% from the 1st quarter of last year, when it booked a net profit of 4.03 billion reals, and down nearly 700% from the 4th quarter, when it booked a net profit of 8.15 billion reals.The pandemic, plus a
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