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Hungary's MOL plans cost cuts after Q1 profit fall

May 16/2012

(Reuters) --  Hungarian oil and gas group MOL launched a cost cutting drive aimed at boosting profitability, as the suspension of production in Syria drove a year-on-year fall in first-quarter profits.

MOL said it aimed to boost earnings before interest, tax, depreciation and amortisation at its downstream business by USD500-550 million by 2014, with about 60 percent of that improvement coming from cost cuts.

Among a broad range of initiatives, the group said it planned to make efficiency improvements at five refineries and two petrochemical units.

An improved performance from the downstream business helped MOL to report a smaller-than-expected fall in first-quarter net profit to 73.7 billion forints (USD324 million). That was down from 92.7 billion forints in the same period of 2011.

"2012 is expected to be a challenging year especially when considering the announced 'force majeure' in Syria or the tough refinery and petrochemical environment," MOL's Chairman and Chief Executive Zsolt Hernadi said in a statement.
Author:Anna Larionova
Tags:oil, gazopererabotka, neftehimiya.
Category:General News
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