Mexico’s Pemex swings to $4.4 bln loss in third quarter

Mexico’s Pemex swings to $4.4 bln loss in third quarter

Mexico’s Petroleos Mexicanos said on Monday it swung to a net loss of 87.4 bln pesos ($4.43 billion) during the third quarter, dragged down by a sizeable drop in revenues at the heavily indebted state oil company.

Revenues at Pemex, as the company is known, declined by 20.2% to 350.5 billion pesos from the same quarter last year, the company said in a filing with the Mexican stock exchange.

Pemex posted a net profit of 26.8 billion pesos during the third quarter of 2018.

Source: Reuters

Published: 29-10-2019