Pemex Posts $8.2 Billion Net Loss In Second Quarter

Mexican state-owned oil company Pemex on July 27 reported a 163.16 billion peso (US$8.2 billion) net loss for the second quarter due to foreign exchange losses and higher costs, according to a filing with the Mexican stock exchange.

That compares with a profit of 32.76 billion pesos in the year-ago period.

Sales rose 36% from a year earlier to 436.18 billion pesos on the back of higher crude prices and increased sales in Mexico. Earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 42% to 149.76 billion pesos.