Profits were just under the HUF 95.5 billion estimate by analysts polled by Portfolio.hu.
Earnings per share came to HUF 1,076 for the period.
Total comprehensive income was up 331% at HUF 31.9 billion.
Revenue climbed 36% to HUF 1,201.7 billion. MOL said hydrocarbon output reached a record high of 151,200 barrels of oil equivalent per day during the period. The cost of Ural blend jumped 36% in Q1 from a year earlier and the spread between Ural crude, which MOL refines, and Brent more than doubled.
Cost of raw materials and consumables increased 37% to HUF 988.6 billion.
Operating costs rose 30% to HUF 1,092.6 billion climbing at a slower rate than revenue and lifting operating profit 127% to HUF 109.2 billion.
MOL’s bottom line was helped by a HUF 28.6 billion financial gain, to which a HUF 40 billion mainly unrealized, forex gain contributed.
Pre-tax profit was up 418% at HUF 140.7 billion.
In a breakdown by business segment, MOL said revenue of its upstream division rose 4% to HUF 178.3 billion and operating profit climbed 55% to HUF 83.8 billion. In the downstream segment, revenue was up 26% at HUF 1,059.5 billion and operating profit reached HUF 32.1 billion improving over a HUF 4.1 billion loss in the same period a year earlier. In the gas midstream division, revenue fell 13% to HUF 166.9 billion but operating profit was up 47% at HUF 18.5 billion.
CAPEX came to HUF 34.2 billion down 59%.
MOL had total assets of HUF 4,592.3 billion on March 31, 2011, up 6% from twelve months earlier. Net assets were up 7% at HUF 2,000.7 billion. Non-current liabilities edged up 2% HUF 1,316.3 billion. MOL’s gearing ratio was 29.9% at the end of the period.
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