Higher oil prices, wider refining margins lift MOL profits

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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.

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