EconomyFinancialCFE registers less income, but benefits from lower fuel...

CFE registers less income, but benefits from lower fuel costs

The state-owned CFE reported a drop in revenue of 11.3% during the first quarter of the year. Sales during the period totaled 138,896 million pesos, compared to 156,549 in the same period last year.

The company has attributed this drop to a decrease in the sale price of fuels to third parties, and has assured that its energy sales increased by 9%, mainly in the industrial sector, where its sales grew by 4,487 million pesos, according to your financial report released this afternoon.

But the drop in revenue was partially offset by a considerable decrease in its operating cost. This segment was reduced by 20.2% –equivalent to 33,243 million pesos– due to a drop in the prices of energy and fuel used in electricity generation.

The company registered high costs in this segment during the quarter of last year, due to winter storms in the southern United States that led to considerable increases in the price of natural gas, the main input of the national electricity company.

During the first three months of this year, the main fuels -such as gas- also showed upward fluctuations derived from the increase in the price of crude oil at the international level and the conflict between Russia and Ukraine, but the company did not report major impacts derived from this.

Despite the drop in income during the period between January and March, the company reported profits of 8,659 million pesos. The result is positive compared to the quarter of last year, when it reported losses of 37,537 million pesos.

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