MOL 3rd-Quarter Net Profit Soars on Higher Margins, Sales Volume

BUDAPEST--Hungarian energy group MOL Nyrt.'s (MOL.BU, MGYOY) third-quarter profit jumped from a year earlier on improving product margins, higher sales volume and inventory gains in the downstream segment, MOL's earnings report published Wednesday showed.

 
MAIN FACTS: 
 

-MOL registered net profit of 67.5 billion forints ($301.4 million) in the third quarter of 2012, an 86% rise from the corresponding period of last year.

-MOL's operating profit jumped to HUF103 billion, nearly doubling, up 96%.

-MOL's net-debt position decreased further to HUF716 billion, resulting in a five-year low gearing ratio of 24.4%.

-MOL Chief Executive Zsolt Hernadi said the results showed the company's downstream strategy is on the right track, and it needs to continue its refinery-overhaul program to ensure high profitability in an unfavorable external environment.

-Mr. Hernadi said a recently launched management-restructuring effort is expected to contribute to the company's effective operation in the future.

-MOL closed trading up 0.4% or HUF65 at HUF18,735.

Write to Veronika Gulyas at [e-mail]

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