28 February 2013 22:14 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--A rise in sales costs and operating expenses pushed Petroleos Mexicanos (Pemex) into a deeper Q4 net loss of Mexican pesos (Ps) 26.9bn ($2.1bn, €1.6bn) from a loss of Ps15.7bn in the year-earlier quarter, the state-run energy company said on Thursday.
Revenues for the quarter stood at Ps420bn, flat compared with the same period in 2011, while sales costs rose 4.5% to Ps228bn, the company said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Ps187.4bn, down by 17.4% year on year.
Meanwhile, petrochemical production in the quarter decreased by 23% year on year to 1.02bn tonnes, the company said.
Pemex said the drop in petrochemical output was caused by a temporary shutdown of the aromatics chain as a result of the incorporation of a new continuous catalytic regeneration (CCR) platforming plant in the Cangrejera petrochemical complex.
For the whole of 2012, net income stood at Ps4.9bn compared with a loss of Ps79.6bn in 2011, mainly due to an increase in domestic sales revenues and a positive variation in the comprehensive financing result, Pemex said.
The company posted record sales in 2012 of Ps1,646bn, up by 5.7% compared with Ps1,558bn in 2011, as an 11.3% increase in domestic sales offset flat export sales.
Pemex’s taxes and duties reached a record high of Ps902bn, exceeding the previous high of Ps874bn in 2011, the company said.
The Mexican government relies on Pemex revenues to fund almost a third of the federal budget.
($1 = €0.76, $1 = Ps12.76)
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