Earnings were slightly under the HUF 50.5 bln estimate by analysts polled by Portfolio.hu.
Total operating revenue rose 14% to HUF 1,145.7 bln, but total operating costs outpaced that growth, increasing 16% to HUF 1,088.4 bln. Operating profit slipped 17% to HUF 57.3 bln.
A net financial loss of HUF 4.2 bln – widening from HUF 1.9 bln in the base period – weighed further on the bottom line. Earnings per share came to HUF 69.
“Earnings declined from a high base as refinery margins were substantially weaker and this was only partly mitigated by our strong internal performance across all businesses,” said chairman-CEO Zsolt Hernádi. He added that MOL is “on the right track” to meeting 2019 guidance and funding transformational investments.
A breakdown by business segment shows MOLʼs upstream revenue increased 10% to HUF 127.1 bln, while EBITDA of the segment climbed 15% to HUF 83.3 bln. MOL noted that production reached a seven-year high of 115,500 barrels of oil equivalent a day.
Downstream revenue rose 15% to HUF 998.9 bln, but the businessʼs EBITDA dropped 35% to HUF 33.3 bln.
Revenue of MOLʼs consumer services business was up 12% at HUF 353.1 bln and the segmentʼs EBITDA jumped 22% to HUF 24.9 bln. MOL said it now has 700 Fresh Corner petrol station coffee shops.
MOL had total assets of HUF 4,767.1 bln at the end of March, up 11% from twelve months earlier. Non-current assets were up 8% at HUF 3,098.3 bln and current assets increased 19% to HUF 1,668.8 bln. Non-current liabilities edged down 3% to HUF 968.3 bln and current liabilities were up 25% at HUF 1,439.8 bln. MOLʼs net gearing ratio rose to 15% from 12% in 2018 on higher net working capital and the impact of applying IFRS 16, the new accounting standard for leases.
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