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OMV's net profit shrinks 5% Y/Y in Q2 2013.

(SeeNews) - Aug 13, 2013 - Austrian oil and gas group OMV AG (WBAG:OMV) today announced a net profit of EUR 343 million (USD 456.5m) for the second quarter of 2013, which is 5% less than a year earlier.

Earnings before interest and tax (EBIT), however, grew by 7% to EUR 667 million and revenue -- by 6% to EUR 10.57 billion.

In the period the company's results were positively impacted by one-off gains of EUR 428 million after OMV had booked negative one-offs of EUR 139 million in the second quarter of 2012. Furthermore, during the reporting period the group was burdened by lower sales in Libya, the UK and New Zealand, by lower crude oil prices and by the weakness of the US dollar against the euro.

In the first half of 2013 net profit grew by 31% to EUR 1.29 billion. EBIT improved by 26% to EUR 1.93 billion and revenue -- by 5% to EUR 21.35 billion. Analysts had predicted stable EBIT and a slight downturn in net profit for the period.

For the full 2013 OMV predicted production would remain stable compared with the 2012 levels.

(EUR 1.0 = USD 1.331)
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Publication:SeeNews Austria
Article Type:Financial report
Date:Aug 13, 2013
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