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Brazilian state-controlled oil company Petrobras continued its upward trend after delivering its best quarterly results in two years on Thursday.

The company reported a net income of R$4.45bn, a considerable turnaround after a R$1.25bn loss in the same period last year.

The company’s adjusted EBITDA was up 19 per cent in the quarter, reaching R$25.25bn versus the R$21.19bn bagged in the first three months of 2016.

Through a strategy of asset sales, reduced investments and cost-cutting, the company’s chief executive Pedro Parente — the former Brazil head of US-based agricultural group Bunge, who took the reins the oil giant almost a year ago — is seeking to turn around the embattled company’s fortunes.

Petrobras has been hit by a double whammy of lower oil prices and a sweeping corruption scandal that has shaken Brazil’s business and political class. It already reversed its losses in the fourth quarter of 2016, reporting a profit of R$2.51bn compared with a loss during the previous three months.

Chart courtesy of Petrobras.

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