Petrobras reports nine-month profit

Brazil’s state-controlled oil and gas giant Petrobras saw net profit of 5 billion reals ($1.5 billion) in the first nine months of 2017, according to a report released on Monday. With the positive results, Petrobras managed to reverse the damages registered in the same period last year, when the company had losses of 17.3 billion reals. In the third quarter of 2017, net profit reached 266 million reals, down 16 percent compared to the second quarter. In the third quarter of 2016, Petrobras registered losses of 16 billion reals.