Financial loss weighs on MOL profits
Hungarian oil and gas company MOLʼs second-quarter revenue climbed year-on-year but net income fell 18% to HUF 72.9 billion because of a financial loss, an earnings report shows.
Total operating revenue rose 31% to HUF 1.343 trillion. Total operating costs rose a little faster, increasing 33% to HUF 1.223 tln. Operating profit was up 12% at HUF 119.4 bln. The bottom line was hit by a net financial loss of HUF 24.3 bln, compared to a net financial gain of HUF 5.2 bln in the base period, national news agency MTI reported.
Net sales of MOLʼs downstream business rose 34% to HUF 1.195 tln and EBITDA of the segment increased 43% to HUF 104.5 bln.
In the upstream segment, revenue was up 32% at HUF 130.9 bln and EBITDA climbed 26% to HUF 86.9 bln. Group level hydrocarbon production averaged 109,300 barrels of oil equivalents per day in Q2, level with the base period, but realized hydrocarbon prices climbed 38% as the price of Brent jumped.
Sales of the consumer services business were up 44% at HUF 405.7 bln and its EBITDA increased 11% to HUF 29.7 bln. The increase was driven by higher fuel consumption as well as expanding fuel and non-fuel margins, MOL noted.
ADVERTISEMENT
Poland Inflation Surges in February
Parliament Negates Mandatory Membership in MOK
Civita Group Inaugurates HUF 2.5 bln Pasta Plant
Kinizsi Castle Reopens in Nagyvázsony
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.
