TVK Q2 net income climbs to HUF 890 mln

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Petrochemicals group TVK, a unit of Hungarian oil and gas company MOL, had net income of HUF 890 million in the second quarter, an improvement over the base period, when it broke even, according to TVK’s consolidated IFRS report published Tuesday.

Revenue rose 23.3% to HUF 110.0 billion.

Cost of raw materials and consumables increased 26.1% to HUF 101.0 billion. Total operating costs were up 24.7% at HUF 108.0 billion. Operating profit fell 20.8% to HUF 2.1 billion.

For the first half, TVK booked net income of HUF 2.3 billion, compared to a HUF 589 million loss in the base period.

First-half revenue climbed 25.0% to HUF 217.6 billion.

Cost of raw materials and consumables was up 25.2% at HUF 202.8 billion. Total operating costs rose 24.6% to HUF 214.5 billion. Operating profit increased 56.4% to HUF 3.1 billion.

TVK had total assets of HUF 221.4 billion on June 30, 2011, edging up 1% from twelve months earlier. Net assets were practically unchanged at HUF 136.5 billion.

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