Brazil`s graft-hit Petrobras reports $7.2 bn loss in 2014

Rio de Janeiro: Brazil`s scandal-hit state oil giant Petrobras lost $7.2 billion last year, it said Wednesday, releasing its first audited account of the damage from a massive kickbacks scheme.

The corruption scandal, in which Petrobras executives allegedly colluded with construction companies to massively inflate contracts and bribe politicians, has badly hurt Brazil`s largest company and President Dilma Rousseff`s government.

Petrobras said it lost 6.2 billion reals ($2.1 billion) to the scheme from 2004 to 2012, which it included in its long-delayed 2014 results.

The company announced a devaluation of its assets of $14.8 billion, largely because of postponed refinery projects.