LatinNews Daily - 04 May 2017

Mexico’s state-owned oil firm, Pemex, has reported that it posted net profits of M$87.96bn (US$4.67bn) in the first quarter, compared to the M$62.01bn (US$3.28bn) net loss recorded in the same period of last year. The result was driven by a 54.9% increase year-on-year in Pemex’s revenues in the first quarter, which reached M$348.58bn (US$18.53bn). Pemex has attributed the increase in revenues to an increase in petrol and diesel fuel sales; the recovery of international oil prices; and to its internal restructuring programme, which led to a 14% reduction in its operating costs since last year.

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