Brazil’s Petrobras reports $136 net loss for 2017

SAO PAULO – Brazil’s state-owned oil company Petrobras has reported a net loss of 446 million reals ($136 million) for 2017 saying the loss was largely due to a shareholder corruption settlement and the payment of outstanding debts to the federal government.

Petrobras paid 11.2 billion reals to settle lawsuits in the United States over the sprawling corruption scandal that has ensnared dozens of officials and business executives across Latin America. It also paid government debts worth 10.4 billion reals.

The company said Thursday that it would have reported a net profit of 7 billion reals had it not been for the settlement and debt payment.