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MOL Q1 net halves.

Hungary's biggest oil and gas company MOL said first-quarter net profit slid 56 per cent from the same period a year earlier, due to a drop-off in production for its upstream business and weaker retail sales in its home market as well as Croatia and Slovakia.

The net profit of 32.3 billion forints was, however, a marked improvement over the 9.4 billion profit made in the last quarter of 2012.

Net profit excluding special items was 29.6 billion forints in the first quarter, below analysts' median forecast for 35.6 billion in a survey by business website portfolio.hu and also down from 83.4 billion in the same period of 2012.

"As expected, 2013 has been a challenging year to date," MOL's chairman and chief executive Zsolt Hernadi said in the company's earnings report.

"Slow economic growth, continuous pressure on motor fuel demand and a tight regulatory environment remained the key external challenges, but we also feel the lack of our Syrian assets."

Operating profit, excluding special items, dropped to 62 billion forints from 101.2 billion. MOL has refineries in Hungary, Croatia, Italy and Slovakia. Its downstream business suffered from falling retail fuel sales.

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Publication:Oil & Gas News
Date:May 20, 2013
Words:219
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