Mol Q2 profit surges on refining margins
The company's exploration and production unit had operating profit of Ft 32.5 billion in the Q2, compared with Ft 24.1 billion a year earlier. Its refining and marketing division posted operating profit of Ft 69.1 billion in the Q2, a 38% rise. Gasoline demand grew by 6% in Hungary, Mol's key market, and by 5% in Slovakia in the H1 of this year, the company said. Sales in Austria declined as Mol said it had problems shipping fuels to the country on the Danube River.
The number of Mol fuel stations fell to 812 by the end of the Q2 from 853 a year earlier after the company sold its Polish stations and shut down 18 units in Slovakia. Operating profit at Mol's gas division, excluding the wholesale and storage unit the company sold to Germany's E.ON AG in March, fell 11% in the quarter. Mol had a profit of Ft 81 billion from the sale of its two gas units in the Q1, which the company said it would spend on exploration, refining and marketing. Its petrochemical business, which includes TVK Nyrt, Hungary's largest chemical company, had a bit risen operating profit of Ft 3.9 billion, compared with Ft 3.7 billion a year earlier. Mol does not expect a major improvement in petrochemical margins in the H2 of this year, Molnár said. The company had a loss on the interests of foreign currency loans due to the strengthening of the euro and the US dollar against the forint in the Q2. (Bloonberg)
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