Mexican state-owned Pemex’s loss almost doubled last year, weighed down by higher sales costs, lower revenues from the plunge in oil prices and a weaker peso relative to the US dollar. The frm registered a loss of 522bn pesos ($28.8bn) last year, an increase of nearly 97pc from the Ps264bn loss in 2014 and a third consecutive year of losses (see table). More unusually, it suffered a pre-tax loss of Ps128.4bn, compared with a pre-tax proft of Ps480.5bn in 2014. The frm pays much of its income to the government in taxes and duties.
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