Brazil's state-controlled Petrobras missed fourth-quarter profit estimates on March 21 after revenue came in well below expectations.
According to a statement, Petrobras earned net income of 2.510 billion reais (US$812 million) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net debt slumped 20% to 314.120 billion reais at the end of 2016.
CEO Pedro Parente is discussing results with reporters at an event in Rio de Janeiro.
($1 = 3.0891 reais)
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