Financial loss weighs on MOL profits

Telco

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.

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