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
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