The Federal Electricity Commission (CFE) had a net loss of 10,965 million pesos (mp) in the third quarter, almost seven times greater than the loss of 1,568 million pesos in the same period last year.
The company attributed the loss to higher operating and financial expenses, according to its quarterly report sent to the Mexican Stock Exchange.
In the period, when Manuel Bartlett was still at the head of the company, the cost of sales had a decrease of 24%, but within operating expenses, “other expenses” increased 101%.
The decrease in the cost of sales offset the increase in expenses and resulted in an operating profit of 48,166 million pesos, 129% higher than that of the third quarter of 2023, when it was 1,568 million pesos.
However, financial expenses rose 147%, going from 21,658 million pesos in the third quarter of 2023 to 53,549 million pesos in the same period of 2024.
Read: Giving status as public companies to Pemex and CFE is a setback: experts
In this regard, the CFE indicated that the depreciation of the peso against the dollar caused an exchange loss, going from 17.73 pesos per dollar in September 2023 to 19.63 pesos in the same period this year.
CFE revenues decline 0.4%
The company’s income in the third quarter fell 0.4% annually to 181,036 million pesos.
In the first nine months of the year, the CFE recorded a net loss of 85,786.5 million pesos, which contrasts with the net profit of 86,227 million pesos in the same period of 2023, while income increased slightly 0.05% annually to 502,738.5 million pesos.
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