LatinNews Daily - 07 November 2018

* Brazil’s heavily indebted state-owned oil company Petrobras has recorded its highest net profits since 2011. In the first nine months of 2018 its net profits totalled R$23.7bn (US$6.3bn), nearly five times the amount recorded during the same period in 2017. Its adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) totalled a record R$85.7bn (US$22.8bn) for this period. The company’s net debt was reduced by 14% between January-September 2018, compared to December 2017, and now totals US$72.9bn, the lowest it has been since 2012. Petrobras chief executive Ivan Monteiro noted that the company has now recorded a net profit for three consecutive quarters. “The recovery of our growth is positive not only for Petrobras, but for the country” Monteiro said.

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