Losses at Mexico’s Pemex surge to $29bn

2/29/2016 Financial Times

PemexPemex, Mexico’s state-owned energy company, saw its net loss last year almost double to 522bn pesos ($28.8bn), up from a 265bn pesos loss in 2014, amid what its chief executive calls a liquidity crunch because of the oil price collapse.

 

Pemex regularly posts net losses as it pays most of its income to the government in tax. But revealing just how deeply the pain has spread, it was Pemex’s first ever full-year loss at the pre-tax level – a loss of 128bn pesos versus a pre-tax profit of 481bn pesos in 2014,reports Jude Webber in Mexico City.

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