Mexico's Pemex increases its net profit in the second quarter

Mexico's energy state company Pemex reported Monday a change in net profit for the second quarter. The net profit reached 59.52 trillion pesos, up from 273.33 trillion pesos during the same period last year.

It also reported in a filing to Mexico's main exchange that revenue fell by 4.4% between April and June to 391.62 billion Pesos. The heavily-indebted firm attributed the decline to lower crude oil prices and lower gasoline and diesel prices.

The company reported that the EBITDA (earnings before interest, tax, depreciation, and amortization) was 76 billion pesos for the quarter.

Pemex reported a debt of $98.8 Billion at the end the quarter. It said that it received 94 Billion Pesos from the government to improve its financial situation.

It is the largest company in the country and a major contributor to the state's coffers.

The quarter's average crude oil and condensate output with partners was 1.64 million barrels of oil per day, while the average natural gas output was 3.59 billion cubic foot per day.

(source: Reuters)