OMV Q2 clean EBIT beats forecast on crude prices

Telco

Austrian oil and gas group OMV reported a better-than-expected 86% increase in Q2 clean operating earnings after one-off items, driven by high oil prices.

Earnings before interest and tax (EBIT) rose to €1.083 billion ($1.68 billion) after stripping out one-off items in the three months to June. Analysts had on average forecast a 59% rise to €928 million. Net profit after minority interests rose 66% to €684 million, while analysts had expected €599 million.

OMV reiterated its full-year outlook, saying it expected to deliver further robust earnings thanks to field developments in its upstream as well as optimization in downstream units and expansion in its gas business. (Reuters)

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