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.

PIN/Portfolio.Hu