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Mexican CFE improves financials in 2016 [free access]

March 1, 2017

Mexican state-owned energy firm Comision Federal de Electricidad (CFE) reported net profits of MXN85.51 billion in 2016, against losses of MXN93.91 billion posted in 2015. CFE reverted its results and came back to positive figures after over five years. The state-controlled firm explained that the profits were attributable to an increase in income and benefits obtained with the modification of its pension scheme. Moreover, CFE received a capital injection of MXN161.08 billion from the federal government in December 2016. The firm's equity totalled MXN508.56 billion by December 31, 2016, surpassing the equity of MXN378.62 billion posted by end-2015. Meanwhile, in the fourth quarter of 2016, CFE's income expanded by 37 per cent, compared to the same quarter of 2015. The revenues for transmission services and electricity supply of the company also increased during 2016.