Mexico's Pemex posts quarterly net profit; debt swells to $115 bln
Adds context, details from analyst call
MEXICO CITY, July 28 (Reuters) - Mexico's state oil company Petroleos Mexicanos (Pemex) on Wednesday reported net profit of 14.4 billion pesos ($722.5 million) in the second quarter, reversing course after a loss in the same period last year thanks to higher prices and crude production.
Pemex's financial debt swelled slightly from the first quarter of the year, reaching $115.1 billion at the end of the April-to-June period.
The company on Tuesday was downgraded by Moody's one notch, sending its debt deeper into so-called junk territory, a move that Pemex chief executive Octavio Romero said he disagreed with.
Pemex's total income in the second quarter was 347.44 billion pesos ($17.42 billion), rising from 181.7 billion pesos in the year-earlier period as its output and prices both rose.
The second quarter net profit came after Pemex reported a loss in the same period last year of 44.33 billion pesos, or $1.9 billion at the exchange rate of the time.
Crude production rose 3.8% compared with the second quarter a year earlier, while the amount of crude processed by its refineries rose 5.4%.
($1 = 19.9470 pesos at end-June)
(Reporting by Adriana Barrera and Daina Beth Solomon; editing by Cassandra Garrison and Daniel Flynn)
((email@example.com; +52 55 5282 7150;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.