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UPDATE 1-Mexico's Pemex posts quarterly net profit; debt swells to $115 bln

·1 min read

(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)