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- Title
- Petrobras racks up massive losses due to write-offs
- Meta Description
- Last month, Petrobras' CEO Pedro Parente told me the company would be back to its best days in five years time. He is moving fast with his downsizing plan, cutting 10% of staff and a launching a major sale of Petrobras assets. But Thursday's numbers suggest the path to recovery will be a long one. Analysts had predicted around $400m in profits for the third quarter but instead it registered about ten times that value in losses.
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