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Mol net profit up 54% in Q1, including gain on gas assets sale

Net profit of Hungarian oil and gas company Mol Rt in the first quarter surged 54% from a year earlier to Ft 110.68 billion (€425 million) including one-off gain on the sale of its gas wholesale and storage units to Germany’s E.On, the company announced in its preliminary consolidated International Accounting Standards report on Friday.

Mol said its operating profits rose 68% year on year to Ft 155.2 billion before adjustment for the gas assets sale gain, and rose 10% to Ft 74.2 billion if the profits of the gas assets and the one-off gain from their sale was excluded. The gas assets transaction closed at the end of March thus boosted Q1 operating profits by Ft 81 billion.
Mol's Q1 diluted earnings per share rose 56% to Ft 697. First-quarter sales revenue rose 40% year on year to Ft 798.7 billion in 2005.