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Mol Q3 net profit fall 23%

Hungarian oil company Mol had net profit of Ft 56.7 bln (EUR 226.1m) in the
third quarter of 2005, down 23% from the same period a year earlier, according to its unaudited consolidated report for Q3 published on Friday. Q3 operating profit fell 14% to Ft 70.1 bln. Both, net profit and operating profit in Q3 were well above the respective Ft 68.07 bln and Ft 76.28bln consensus forecasts of
analysts polled by portfolio.hu. In the first nine months of 2005, net profit rose 23% yr/yr to Ft 190.6bln. Sales revenue in Q3 totalled Ft 585.8bln, up 29% yr/yr. January-September sales rose 26% to Ft 1,702bln.
In the first nine months of 2005, operating profit increased by Ft 46.7bln, to Ft 237.8bln (USD 1,215.1m), supported by previous years? investments in quality downstream assets, higher product sales volumes, strong commodity prices and increased international oil production, the report explained. Net income grew by Ft 35.6bln to Ft 190.6bln (USD 973.9m), primarily reflecting the strong operating performance, which was partially off-set by higher financial expenses, due to a loss on foreign currency denominated debt in Q1-Q3 2005, compared to a foreign exchange gain in Q1-Q3 2004.