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Mexican oil firm Pemex reports US$4 bil. Q2 loss

MEXICO CITY--Mexican oil company Pemex announced second-quarter losses of more than US$4 billion on Friday, as legislation to end the state firm's 75-year monopoly worked its way through Congress.

The company, which brings in more than one-third of the government's revenues, said the poor performance had been caused by tax increases and the slowing output of some of its assets.

The losses outstripped the US$3.7 billion negative result it registered in the same period last year.

Sales for the period from April to June increased four percent from the same quarter last year to US$30 billion, Pemex said on its website.

But charges increased by 13 percent because of rising operational expenses and production costs, it said.

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