Mexico’s Pemex reports $1.3bn loss in fourth quarter

01 March 2010 23:20  [Source: ICIS news]

MEXICO CITY (ICIS news)--Mexico's state-run oil and petrochemicals giant, Pemex, on Monday announced an after-tax $1.3bn loss (€949m) in the fourth quarter of 2009.

The producer issued an early release of partial results ahead of Wednesday's comprehensive earnings announcement.

The loss compares with a $9.2bn loss in the same quarter of 2008.

Revenue rose 19% $24.7bn in the quarter year-to-year.

Pemex credited better export sales and favorable inventories for an improved operational return.

($1 = €0.73)

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By: James Young
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