Narrowing margins, financial loss puts TVK in red in Q3

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TVK, a unit of Hungarian oil and gas company MOL had a loss of HUF 5.1bn in the third quarter compared to net income of HUF 2.0bn in the base period as margins narrowed and financial losses grew, the petrochemicals company said in its consolidated IFRS report early Tuesday.

Revenue edged up 1% to HUF 98.1bn during the period. But cost of raw materials and consumables climbed 13% to HUF 98.2bn and total operating costs were up 6% at HUF 100.5bn.

TVK booked a HUF 2.9bn financial loss in Q3, compared to a HUF 314m gain in the base period.

The picture was much the same in Q1-Q3. Revenue rose 16% to HUF 315.6bn, but cost of raw materials and consumables climbed 21% to HUF 300.9bn and total operating costs were up 18% at HUF 315.0bn.

Operating profit fell 85% to HUF 643m.

TVK booked a HUF 2.7bn financial loss in Q1-Q3, compared to a HUF 2.1bn loss in the base period.

The net result was a HUF 2.8bn loss, compared to net income of HUF 1.4bn in Q1-Q3 2010.

TVK had total assets of HUF 216.8bn on September 30, 2011, practically unchanged from twelve months earlier. Net assets were up 5.3% at HUF 131.5bn.

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