Higher oil prices, wider refining margins lift MOL profits

Figures

Hungarian oil and gas company MOL's fourth-quarter net income rose to HUF 110.3 billion from HUF 14.9 bln in the base period, lifted by wider refining margins and higher oil and gas prices, state news wire MTI writes citing an earnings report released early Friday.

MOL's revenue climbed 78% to HUF 1.78 tln. Cost of raw materials and consumables used rose 87% to HUF 1.344 tln, but total operating costs increased just 58% to almost HUF 1.619 tln, lifting operating profit to HUF 161.8 bln.

MOL's downstream revenue rose 86% to HUF 1.566 tln and operating profit of the business reached HUF 81.5 bln, compared to a HUF 14.3 bln loss in the base period. Upstream revenue climbed 82% to HUF 223.2 bln and operating profit reached HUF 79.4 bln, improving from a HUF 24.3 bln loss in the same period a year earlier. Turnover of MOL's consumer services division rose 50% to HUF 537.1 bln, but the business's operating profit slipped 13% to HUF 24.3 bln.

ADVERTISEMENT

Romania PPI Inflation Rises Further in August Analysis

Romania PPI Inflation Rises Further in August

Gov't Clears HUF 200 bln Aid for SMEs in Energy-Intensive Ma... Government

Gov't Clears HUF 200 bln Aid for SMEs in Energy-Intensive Ma...

Róbert Ésik Joins EY as Partner Appointments

Róbert Ésik Joins EY as Partner

Teachers' Strike Demonstration Attracts Thousands in Capital City

Teachers' Strike Demonstration Attracts Thousands in Capital

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.