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Brazil’s Petrobras posts first annual profit in five years

Brazil’s Petrobras posts first annual profit in five years

razilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday, as widely expected.

In a securities filing, Petrobras, as the company is known, said net income in the fourth quarter totalled 2.102 billion reais (423.37 million pounds), up from a loss of almost 5.5 billion reais in the same period last year. Net income for full-year 2018 came to 25.779 billion reais.