15 May 2007 - 15:02
  • News Code: 104731

Hungarian oil and gas group MOL has on Tuesday reported largely in-line figures for the first quarter of 2007. MOL"s HUF 58.66 billion operating profit and HUF 45.57 bn net profit were 2% and 6% below the consensus forecast of analysts in a Portfolio.hu poll, respectively.

Key items in the Q1 earnings report:


- Operating profit was adjusted for the HUF 83.0 bn non-recurring gain recorded on the gas asset sale in Q1 2006 and the one-off gain of HUF 13.9bn on the acquisition of TVK shares in Q1 2007;

- upstream profit halved due to a drop in oil prices and production, coming in greatly below analysts" expectations;

- downstream profit rose, thanks to expanding margins;

- petrochemicals kept on booming;

- gas business profit eroded due to the mild winter.




News Code 104731

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