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Mexico's Pemex narrows losses in first quarter


A Pemex gas station is seen in Mexico City, January 13, 2015. REUTERS/Edgard Garrido
Petroleos Mexicanos (PEMX.UL) said on Friday its net loss narrowed 93% to $1.8 billion in the first quarter after higher sales, lower imports and tax cuts eased pressure on Mexico s highly indebted state oil company.
The loss of 37.3 billion pesos was down from 562.1 billion pesos in the year-ago quarter, said Pemex, as the company is known, in a filing with the Mexican stock exchange.
Foreign exchange movements, financing costs and derivatives all racked up losses that offset its total income of 317.6 billion pesos ($15.7 billion).
Even so, income was up 12% from the year-ago quarter as sales in Mexico and to other countries grew, and prices recovered. ....

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