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MOL Q3 profit drops 24% on higher tax payments

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Hungarian oil and gas company MOLʼs third-quarter net income fell 24% year-on-year to HUF 68.8 billion as higher tax payments countered the impact of a wider margin, an earnings report released this morning shows, according to Hungarian news agency MTI.

MOLʼs operating expenses fell at a faster rate than revenues, lifting operating profit, but a HUF 15.7 bln tax payment weighed on the bottom line. In the base period, MOL booked net HUF 15.9 bln in tax refunds and deferrals. 

MOLʼs after-tax profit dropped 17% to HUF 72.1 bln but was still over the HUF 60.3 bln estimate by analysts polled by Portfolio.hu. Earnings per share came to HUF 759.

MOL upgraded guidance for full-year EBITDA, at current cost of supplies and adjusted for one-off effects, to USD 2.2 bln from USD 2.0 bln. Clean CCS EBITDA reached USD 1.68 bln in Q1-Q3.

MOLʼs total operating income fell 14% year-on-year to HUF 969.1 bln in Q3. Total operating costs dropped 16% to HUF 875.4 bln. Operating profit was up 18% at HUF 93.6 bln.

A breakdown by business segment shows MOLʼs upstream revenue fell 4% to HUF 97.3 bln, but operating profit was HUF 16.5 bln, well over the HUF 0.4 bln in the base period. Downstream revenue declined 14% to HUF 905.0 bln, but operating profit of the segment rose 11% to HUF 88.5 bln.

MOLʼs oil and gas production rose 6% to 107,000 barrels per day in Q3.

MOL noted that the price of Brent stood at USD 45.8 per barrel in Q3, down from USD 50 in the same period a year earlier.

MOL had total assets of HUF 4,034.3 bln at the end of Q3, up 3% from the end of 2015. Net assets edged down 1% to HUF 1,800.6 bln. Total non-current liabilities dropped 4% to HUF 937.4 bln.

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