Latin American Economy & Business - May 2017 (ISSN 1741-7430)

Pemex makes a profit: Mexico’s state oil company Pemex reported a net profit of MX$87.94bn (US$4.69bn) in the first quarter, citing lower financial costs and a recovery in the international prices of crude oil and other fuels. This was the second consecutive quarter in the black, after years of losses. The company’s finance director, Juan Pablo Newman, said that it was the first time in six years that the company had reported net profits for two consecutive quarters. Revenues surged by 54.9% to MX$348.5bn (US$18.33bn), lifted by exports, which were up by 85.8% in value terms, despite a 3.6% fall in volume.