Mexico’s Pemex swings to net profit in Q2

Mexico's state energy company Pemex on Monday reported a swing to net profit in the second quarter, reaching 59.52 billion pesos ($3.17 billion), from a net loss of 273.33 billion pesos in the same quarter last year.

In a filing with Mexico's main stock exchange, it also reported that revenues fell 4.4% during the April-June period to 391.62 billion pesos, which the heavily indebted company attributed to lower crude oil sales and lower prices for petroleum products like gasoline and diesel.

Earning before interest, taxes, depreciation and amortization (EBITDA) were 76 billion pesos quarter, the company reported.

Pemex, which reported a financial debt of $98.8 billion at the end of the quarter, said it had received 94 billion pesos in government support to help its financial position.

It is one of the country's largest companies and contributors to state coffers.

Crude oil and condensate production with partners for the quarter averaged 1.64 million barrels per day while natural gas production averaged 3.59 billion cubic feet per day.

($1 = 18.7654 Mexican pesos at end-June)