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MOL reports strong results, profit for second quarter

Released early this morning, the newest MOL consolidated IFRS report shows huge improvement year-on-year in quarter two for the oil-and-gas company.

MOL’s consolidated IFRS report for the quarter includes reportage of a HUF 16.2 billion profit after taxes, up a healthy HUF 23.5 billion from the HUF 7.3 billion losses reported for the second quarter of 2012.

According to the report, MOL’s total operating revenue increased 1% to HUF 1.3298 trillion while total operating costs fell 1% to HUF 1.3072 trillion; operating profit saw a serious uptick, going from HUF 660 million for the 2012 period to HUF 22.5 billion.

Analysis by Portfolio.hu earlier in the week had forecast a net profit of HUF 13 billion for the period, based on early data released by Austria-based peer OMV and Croatia-based INA, and these expectations were well exceeded with the HUF 24.4 billion line reported by MOL.

On the negative side for MOL was the reported HUF 5.8 billion loss in downstream-business operations and a decline of 21% in gas business to HUF 76.9 billion, nevertheless reporting a 6% rise in gas-business operating profit to HUF 46.4 billion.

MOL’s total assets were listed at HUF 4.9962 trillion as of June 30, a 5% increase year-on-year.