SAO PAULO (AP) — Brazil's state-run oil company says it posted a net profit loss of 1.35 billion reals ($665 million) in the second quarter of the year.

Petroleo Brasileiro SA says on its website that the loss is mostly the result of an average 11 percent depreciation of Brazil's currency against the U.S. dollar.

In the first quarter of the year, the company registered a net income of R$9.2 billion reals (about $5.1 billion). In the same period in 2011, net profits came to 10.9 billion reals (about$6.4 billion).

Petrobras says that because of the currency's depreciation net income for the first half of 2012 came in at 7.9 billion reals, or 64 percent less than the 21.9 billion reals posted in the same period one year earlier.