Wed Jan 28, 2015 5:44am EST
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RIO DE JANEIRO Jan 28 (Reuters) - Brazil's Petrobras reported a third-quarter unaudited net profit on Wednesday of 3.09 billion reais ($1.20 billion) after its board said it was impractical to estimate the value of expected charges against earnings related to a corruption scandal.
Petroleo Brasileiro SA, as the state-run oil company is formally known, said it was exploring ways to revise the results to account for eventual corruption-related charges in a manner that was in line with securities regulations in Brazil and the United States.
The much-anticipated results may disappoint markets because they don't include what investors most want to know: a rough estimate of how badly alleged corruption over-valued the company's assets. Determining the value of those losses was the main reason why Petrobras delayed the release of its quarterly results for almost three months.
Third-quarter net profit was down about 9 percent from the same period a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, came in at 11.735 billion reais, down about 10 percent from a year earlier.
The results, which were supposed to have been released in November, were first delayed after auditor PricewaterhouseCooopers declined to certify Petrobras' accounts in the face of allegations of contract-fixing, bribery and political kickbacks.
According to police, prosecutors and the testimony of individuals indicted in the case, Petrobras executives appointed by politicians conspired with Brazil's largest construction and engineering companies to overcharge for refineries, ships and other goods and services.
Some of the excess revenue was then kicked back to executives, politicians and political parties as bribes and campaign contributions.
Police say that graft may have skimmed 3 percent or more off the value of Petrobras projects.
($1 = 2.5721 Brazilian reais) (Reporting by Jeb Blount and Asher Levine; Editing by Mark Potter)
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