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MOL Q1 net profit surges 37%

Oil and gas group MOL on Friday posted a 37% rise in its Q1 net profit to Ft 71.04 billion, as against Ft 51.75 billion a year ago. This is nearly 10% above analysts' expectations for Ft 64.40 billion. MOL said its earnings were boosted by a 59% jump in refining and marketing operating profits and a 42% rise in exploration and production profits. This was partly offset by high financial costs and forex credit rate losses, the company said. The oil group's revenues rose 21% to Ft 574.37 billion and its operating profit surged 48% to Ft 91.57 billion. MOL’s EBITDA figure was up 37% at Ft 118.5 billion.