Petrobras said its net income has fallen by 89% after the company was hit with a one-time charge for underperforming assets.
The Brazilian firm’s quarterly profit fell to $150.4million which was affected by a charge to resolve a tax issue with the country’s federal government as well as fines related to its gas and energy, refining and supply and exploration and production units.
Petrobras has been hit by a number of challenges in the past year including a massive bribery and kickback scandal as well as the decline in oil price.
Chief Executive Aldemir Bendine said:”We want to leave the company in a situation where it has the highest levels of management in the world.
“We want the company to go forward with its liabilities and challenges it faces cleaned up.”