NEW YORK (TheStreet) -- Shares of Brazilian state-run energy company Petrobras (PBR.A) plunged 11.26% to $6.97 in morning trading Wednesday after it published its unaudited third-quarter results after a more than two-month delay but failed to include a dollar amount for a write-down tied to its ongoing and wide-reaching corruption scandal.
Petrobras reported net profit of 3.09 billion reais, or $1.18 billion, down from 3.39 billion reais in the same quarter last year. Revenue totaled 88.37 billion reais in the quarter, up from 77.7 billion reais. EBITDA fell 10% year-over-year to 11.7 billion reais.
"The company understands that it will be necessary to make adjustments at the financial statements to correct the values of fixed assets," said Petrobras, which added it would be "impracticable to correctly quantify these "improperly recognized values" related to the scandal "since the payments were made by external suppliers and cannot be traced back to the company's accounting records."
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Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROBRAS-PETROLEO BRASILIER (PBR.A) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."
- You can view the full analysis from the report here: PBR.A Ratings Report