MOL Q1 Profit Falls
First-quarter net income of Hungarian oil and gas company MOL fell 42% year-on-year to HUF 96.6 billion, an earnings report released ahead of the opening bell on Friday shows.
Total operating revenue edged up 1% to HUF 2.075 trillion.
The cost of raw materials and consumables increased 6% to HUF 1.636 tln and total operating expenses inched up 2% to HUF 1.924 tln.
MOL acknowledged an increase in Brent-based refining margins as well as petrochemicals margins, but said downstream production had decreased due to turnarounds. Upstream production reached 92,300 barrels of oil equivalent per day thanks to the start of production in Kazakhstan in December, but plunging gas prices had a negative impact on results, it added.
Earnings per share came to HUF 130.
A breakdown by business shows downstream's net revenue fell 8% to to HUF 1.588 tln, while the EBITDA of the segment dropped 16% to HUF 102 bln. Upstream revenue dropped 24% to HUF 161 bln and EBITDA slipped 9% to HUF 93.6 bln. Revenue of the consumer services business rose 2% to HUF 831 bln and its EBITDA climbed 13% to HUF 51.6 bln.
MOL affirmed guidance for full-year clean EBITDA, at the current cost of supplies, of around USD 3 bln. Clean CCS EBITDA reached USD 718 mln in Q1.
Heavy Rains Expected This Week to Ease Drought
Hungary Treats Smooth EU Transition as Priority, Says Bóka
HU-rizon Program: HUF 8 bln Funding for International Resear...
Inspiring Women at the Focus of Gourmet Fest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
