Mexico's Pemex Q1 net income declines on increased costs

10 May 2004 21:58  [Source: ICIS news]

SAO PAULO (CNI)--Petroleos Mexicanos (Pemex) Monday posted a 2004 first quarter loss of Pesos 993m ($89mEuro75.4m) compared with a 2003 first quarter profit of Pesos 4.71bn on increased costs.

During the 2004 first quarter, the company's operating expenses increased by 11% to Pesos 63.7bn, the company said.

Pemex's 2004 first quarter operating profits declined by 5% to Pesos 101bn and the company's earnings before interest, tax, depreciation and amortisation (EBITDA) dropped by 2% to Pesos 92.4bn compared with the 2003 first quarter.

Pemex's domestic sales volume of petrochemicals increased 4.1% to 833 000 tonnes during the 2004 first quarter.

Petrochemical exports increased 26% in the 2004 first quarter to 262 000 tonnes, up from 194 700 tonnes in the 2003 first quarter.

Pemex is headquartered in Mexico City.

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