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Hungarian Mol raises 2015 profit target as refining drives record earnings

August 10/2015

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 companys website.

"Mols 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 Groeps 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.
Author:Margaret Volkova
Tags:PP, PS, PE, oil, petrochemistry, MOL, TVK, Hungary.
Category:General News
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