Narrow margins bring loss to Slovnaft

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Slovakian oil and gas company Slovnaft, a unit of Hungary's MOL, booked a first-quarter loss of €8.6 million as revenue fell and margins narrowed, an earnings report shows.

Slovnaft was €10.1 million in the black in the base period, according to the consolidated IFRS report. Revenue fell 11% to €979.8 million. Cost of raw materials and consumables dropped at just half that rate, falling 5% to €968.6 million. Total operating costs dropped 8% to €990.6 million.

Slovnaft was €10.8 million in the red at operating level, but financial losses narrowed sharply from €13.0 million to €670,000, softening the impact on the bottom line. Slovnaft chairman Oszkár Világi said a "significant drop in spreads" had a "crucial impact" on the company's results during the period.

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