Pemex losses increase 180% in first quarter from year ago period

Mexican state oil company Pemex has posted a net loss which is 180% bigger than that a year earlier as a result of different reasons including exchange rate losses and production losses, according to a report posted in the Mexican fuel refiners site Onexpo which in turn attributed it to Dinero en imagen.

The information was obtained from a company’s filing to the Mexican stock exchange where Pemex also disclosed that production has decreased nearly 8%, the report said.

The company is also seeing its debt burden increase. During the period, its borrowings increased nearly 12% as a result of sales of bonds in international markets.