Latinvex 500: Profits Fall 33%

Petrobras, from most profitable to second-worst performer in Latin America.

BY JOACHIM BAMRUD

Brazil’s state oil giant Petrobras remains Latin America’s top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to the Latinvex 500 ranking of the region’s 500 largest companies.

The ranking, which is based on data from Economatica and individual companies, shows that as a result of posting a $7.4 billion loss last year, Petrobras has gone from Latin America’s most profitable company to the second-worst performer after Mexican state oil company Pemex (a perennial money loser).