By Veronika Gulyas
BUDAPEST--Hungary's largest company, oil-and-gas firm MOL Nyrt.
(MOL.BU) saw its unadjusted profit drop 25% in the first quarter
versus a year ago, Thursday showed.
MAIN FACTS:
--MOL's first-quarter unadjusted net profit of HUF20.8 billion
forints ($99 million) drop versus a net profit of HUF27.8 billion a
year earlier.
-- MOL's profit drop was mainly due to lower contribution from
central and eastern European gas fields, lower natural gas prices,
while external conditions deteriorated in the firm's downstream
segment.
--The profit drop was smaller than that expected by analysts,
however, as MOL saw higher upstream production and operated in a
more favorable foreign currency environment than previously
expected.
--Capital expenditure, or Capex stood at HUF147 billion in 1Q.
Altogether 65% of this covered acquisitions on the North Sea, while
the firm spent HUF51 billion on organic projects.
-- Indebtedness ratios remained well below the comfort zone with
a net gearing ratio at 18%, MOL said.
--"The first quarter of the year was made tough by the
regulatory and macroeconomic environment," said Zsolt Hernadi,
chief executive and chairman in the earnings report.
--MOL shares closed up 1.3% at HUF12,900 on the Budapest Stock
Exchange.
Write to Veronika Gulyas at veronika.gulyas@wsj.com
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