Hungarian petrochemicals company TVK, a unit of oil and gas company MOL, had consolidated first-quarter net income of HUF 1.39 billion a big improvement over a HUF 615 million loss in the same period a year earlier thanks to widening margins, TVK’s IFRS report for the period published Thursday shows.
Revenue rose 26.7% to HUF 107.5 billion. Cost of raw materials and consumables accelerated at a slower rate, climbing 24.4% to HUF 101.8billion. And total operating costs were up just 24.6% at HUF 106.5 billion.
TVK booked a HUF 987 million operating profit compared to a HUF 655 million loss in the base period.
A HUF 846 million financial gain – almost all of it unrealized – lifted the bottom line.
TVK had total assets of HUF 223.7 billion on March 31, 2011, up 2.2% from twelve months earlier. Net assets inched up 0.6% to HUF 137.6 billion. Non-current liabilities jumped 55.4% to HUF 32.8 billion.