Brazilian state-controlled oil giant Petroleo Brasileiro SA, or
Petrobras, said late Monday that it plans to release 2014 audited
earnings on April 22.
The company, which is dealing with a corruption investigation in
Brazil, said in a statement that its board will meet on April 22 to
review third-quarter 2014 earnings and to approve full-year
financial statements.
The country's largest company, Petrobras intends to release the
numbers following the board meeting, subject to members' approval,
it said in the statement.
The company, whose debt has already been cut to junk status by
Moody's Investors Service, could suffer more downgrades, especially
if it takes longer to release audited financial results.
Petrobras has delayed the release of such statements following
accusations that it overpaid for work by contractors and that the
excess funds were funneled to former executives and political
parties.
Construction companies investigated for potential involvement in
the alleged corruption scheme have either denied wrongdoing, said
they are cooperating with authorities or declined to comment.
Write to Luciana Magalhaes at Luciana.Magalhaes@dowjones.com
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