Brazil's Petrobras reduces losses to $139.7 million in 2017

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Rio de Janeiro (AFP)

Brazil's troubled national oil company Petrobras posted Thursday net losses of 446 million reais ($139.7 million) in 2017 -- a sharp improvement on the previous year.

In 2016, Petrobras saw losses of 14.8 billion reais. This was the fourth consecutive year of losses for one of Brazil's most iconic companies, hit hard by falling world crude prices and a mammoth corruption scandal over the last four years.

However, Petrobras said the company could have returned to profit this year but for extraordinary expenses, including a 11.2 billion reais payout to settle a class action lawsuit in New York related to the graft scandal.

Without that, Petrobras would have seen profits of seven billion reais ($2.2 billion), it said.