Pemex Blames FX Rate Losses And Taxation For Proft Plunge

摘要

BMI View: Exchange-rate losses and a higher tax bill have eviscerated Pemex’s Q311 earnings, despite higher revenues. Given that crude output so far in 2011 is at the lowest level in years, Pemex’s future growth plans take on added importance. Mexico’s state-run oil producer Pemex reported on October 27 2011 that the weak Mexican peso and a heavy tax burden had devastated its fnancial earnings. Pemex reported a loss of MXN81bn (US$6.2bn) in Q311, nearly 30 times larger than its Q310 net loss of MXN2.8bn.