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Mexico's Pemex posts 72 percent jump in Q4 losses

Thursday, February 28, 2013

Mexico's state oil monopoly Pemex reported a 72 percent increase in losses during the fourth quarter, stung by rising costs and higher interest payments.

Pemex, which the government plans to overhaul this year, said its loss leaped to 26.878 billion pesos ($2.1 billion) compared with 15.662 billion pesos in the year-earlier quarter.

The company reported fourth-quarter revenues of 420.6 billion pesos in the October-December period, a rise of 0.1 percent compared with the fourth quarter of 2011, boosted by higher US and domestic gasoline prices.

Source: Reuters