Mol continues to please investors with smooth operation, fantastic results
Friday, February 11, 2005, 11:21
In spite of a having recently had to set a Ft 35 billion reserve aside to cover bad debts and severance pay, Hungraian oil and gas company Mol Rt netted Ft 208.6 billion profit in 2004, up on 100.3 billion in 2003. This was only partly accounted for by the simultaneous 30% increase in sales revenue to Ft 1,956 billion, with Mol also profiting from more efficient operation as a result of recent upgrades and a wider margin between Brent and lower quality curde oil from Russia. As a result of the favorable market environment, Mol?s operating profit surged by a striking 199%, totaling Ft 248.7 billion for the whole year. As for Q4 figures, sales increased from Ft 455 billion to Ft 621 billion yr/yr, operating profit rose from Ft 26 billion in 2003 to Ft 59.5 billion in 2004, while after-tax profit tipped by 4% as a result of the provisions it needed to set aside.