State own companies will never be run well they have no incentive to ever be profitable or well managed
The CFE faced a cost of 68,333 million pesos for fuel due to the winter storm in Texas that affected the shipment of gas to Mexico.
The Federal Electricity Commission (CFE) reported losses of 35,606 million pesos (mp) during the first quarter of 2021.
This figure is lower than the losses observed in the same period last year when the company faced the red numbers for 121,800 million pesos.
Between January and March, the company faced a cost of 68.333 million for fuels due to the winter storm in Texas that affected the shipment of gas for electricity generation in Mexico, the company admitted.
The income of the company directed by Manuel Bartlett rose 25% to 156,549 million pesos (mp).
“Said increase is due to an increase in income from the sale of fuels to third parties, as a result of the aforementioned contingency,” the firm said in a statement.
At the end of the first quarter of 2021, CFE recorded an operating flow or EBITDA (earnings before interest, taxes, depreciation and amortization) of 9,967 million pesos.
The total debt of the State productive company increased by 72,803 million pesos, equivalent to 20% during 2020, due to the fact that the CFE refinanced debt that matures in the second quarter of 2021.
Source: forbes.com.mx
