Hungary's Mol 1Q Profits up 24%

Hungary’s Mol said May 5 that its net 1Q profit increased by 24% year-on-year to $323mn.

Pre-tax earnings (Ebitda) were up 21% at $614 mn, and included upstream’s contribution up 50% at $219mn thanks to higher oil and gas prices. Production was stable at 111,500 barrels of oil equivalent per day.

Mol’s gas midstream segment, including Hungary’s regulated gas transmission network FGSZ, contributed $70mn to 1Q2017 Ebitda, up 4%.

INA platform offshore Croatia (Photo credit: Mol)

CEO Zsolt Hernádi said 1Q marked “an excellent start to 2017” and provided “a strong foundation for the rest of the year as we plan to deliver again at least $2bn Ebitda” in the full year.

The Hungarian oil and gas group has significant interests in Slovakian/Polish oil refiner Slovnaft and Croatian upstream/refining firm INA.

Mark Smedley