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MOSCOW (MRC) -- Hungarian energy group
Mol improved the profit guidance for 2015 after its refining unit helped post
record earnings for the three months through June, as per Hydrocarbonprocessing.
Net
income jumped to 62.7 billion forint (US220 million) from 24 billion forint a
year ago, the company said in a statement this week. Earnings before interest,
taxes, depreciation and amortization on a clean-current cost of supplies basis
rose 89% to 179.5 billion forint, the best ever result.
Downstream
contributed more than two-thirds to this measure, the most closely watched for
the group.
The company, which benefited from strengthening refining
margins and growing demand, raised its clean-CCS Ebitda target for the full year
by 10% to about USD2.2 billion.
Downstream conditions will be "positive
but less supportive" in the remainder of 2015, chief financial officer Jozsef
Simola said in a video posted on the company’s website.
"Mol’s
performance will likely remain strong in the second-half of the year despite a
less favorable refining environment," said David Sandor, the Budapest-based head
of research at KBC Groep’s Hungarian brokerage.
As MRC informed
before, in early 2015, MOL made a voluntary public tender offer on
petrochemical works TVK. It bid HUF 4,984 for each of the outstanding ordinary
shares of TVK based in Tiszaujvaros in eastern Hungary.
Tiszai Vegyi
Kombinat (TVK) is a Hungarian manufacturer of olefins and polyolefins such as
polyethylene and polypropylene. Feedstock is supplied by MOL of which TVK is a
subsidiary and which also processes a major portion of resulting by-products
from the olefins plant.
MOL previously said Hungarian authorities had
dismissed the allegations against MOL, which now holds a 49.1% share of INA.
Hungary's government holds a 24.6% stake in MOL. |
