State-owned oil giant Petroleos Mexicanos, or Pemex, said it posted a net profit of 31.9 billion pesos (about $2.45 billion) in the first nine months of this year, marking a turnaround from the loss posted in the same period in 2011.
Profits increased in the first three quarters of the year due “mainly to higher revenues, which rose to 1.22 trillion pesos (nearly $94.31 billion)”, Pemex said.
The state-owned oil company posted a net loss of nearly 67.66 billion pesos (some $5.2 billion) in the January-September 2011 period.
Payments to the Treasury totaled 689 billion pesos (some $53 billion) during the January-September period, up 9 percent from the same period last year, Pemex said in a filing with the Mexican Stock Exchange.
Consolidated stockholders equity totaled 145 billion pesos (about $11.15 billion) as of Sep 30, up by 19 billion pesos (some $1.46 billion) from the Dec 31, 2011, level, Pemex said.
Domestic sales rose 9.5 percent during the first nine months of this year, while exports increased 5.8 percent, thanks to stable production and higher prices for the Mexican crude export blend, Pemex said.