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LatinNews Regional Monitor: Brazil & Southern Cone - 20 February 2020

In brief: Brazil’s Petrobras posts record earnings in 2019

* Brazil’s state-owned oil company Petrobras has posted its 2019 financial results, which show that the company saw a record net profit of R$40.1bn (US$9.18bn) and adjusted earnings before interest, taxes depreciation and amortisation (Ebitda) of R$129.2bn (US$29.75bn). According to Petrobras, its adjusted Ebitda grew 12.5% in relation to 2018 earnings, due to lower production costs and fewer contingencies, while its net profit increased by 55.7% on 2018 earnings, driven by capital gains thanks to the divestment of assets. With these results, Petrobras is posting net profits for the second consecutive year, after suffering four years of losses. The company’s net debt totalled R$317.87bn at year’s end 2019, up from R$268.82bn at the close of 2018.

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