Are you sure?

MOL to continue to focus on maintaining financial stability in 2010

Hungarian oil and gas company MOL will give priority to financial stability this year, just as in 2009, though the integration of Croatian oil company INA into the MOL group and maximization of the enlarged group's value will also receive special emphasis, MOL CFO József Molnár told MTI.

The group is growing and MOL projects slightly improving results in 2010 due to a slight improvement in the external environment.

The company achieved its 2009 objectives of maintaining financial stability and reducing net indebtedness in spite of the crisis. This was due to disciplined budget management and a strict observance of the reduced investment program, Molnár added. Cash-flow grew 19% over twelve months.

In crude-oil production, relative profitability deteriorated, while refinery activity broke even. Molnár noted that the majority of European refineries operated with losses in 2009.

MOL published its consolidated IFRS preliminary report on Monday, posting net profit of HUF 38.1 billion in 2009, down 72% without one-off items. Operating profit fell 13% to HUF 168.1 billion without one-off items. However, EBITDA grew 9%, also without one-off items. (MTI – Econews)