UPDATE 1-Mexico’s Pemex swings to profit on forex gain

* State oil monopoly earns 1.443 bln pesos in quarter

* Records foreign exchange gain of 27.5 bln pesos
(Recasts with details on forex gain, adds bullets)

MEXICO CITY, April 30 (BestGrowthStock) – Mexico’s state oil
monopoly Pemex reported its first quarterly profit in nine
months on Friday on foreign exchange gains due to the rising
value of the Mexican peso in the first months of this year.

Pemex [PEMX.UL] said it earned 1.443 billion pesos ($116
million) in the first quarter, compared to a 27 billion peso
loss a year ago, as it booked a 27.5 billion peso foreign
exchange gain.

The company was also aided by higher crude oil prices and
stronger sales of refined products on the domestic market,
Pemex reported in a filing with the Mexican stock market.

The profit was not enough to bring Pemex’s equity back into
the black, however. Shareholders’ equity was negative 66.6
billion pesos due to accumulated losses from previous years.

Investing Tools
($1=12.387 pesos as of end March)
(Reporting by Robert Campbell; Editing by Alden Bentley)

UPDATE 1-Mexico’s Pemex swings to profit on forex gain