MOL's Net Profit Halves in Q4

MarineLink.com
Tuesday, February 25, 2014

Reuters - Hungarian oil group MOL's net profit halved in the fourth quarter due to a squeeze on gasoline margins as well as big impairment charges related to its Croatian assets and the shutdown of a refinery in Italy.

MOL's upstream business however performed relatively well, with quarterly EBITDA earnings excluding special items of 89.7 billion forints ($398 million), up 6 billion forints from the third quarter and only 11 percent down on an annual basis.

MOL posted a fourth-quarter net profit of 4.9 billion forints on a group level, down from 9.5 billion forints in the same period of 2012. The company posted a net loss of 30 billion forints in the third quarter.

Its clean quarterly EBITDA earnings dropped 12 percent from a year earlier to 122.2 billion forints, compared with 138.4 billion forints in the third quarter.

"In Q4 2013 we experienced one of the toughest refinery margin environments of the last years," MOL said in its earnings report.

The company said its downstream result was hit by a sharp drop in gasoline crack spreads, decreasing sales volumes and one-off costs totalling 51 billion forints.

The one-off costs related to the transformation of its Mantova refinery into a logistics hub and impairment charges in Croatia. MOL holds an almost 50 percent stake in Croatian peer INA.

Downstream EBITDA, excluding special items, dropped to 9.9 billion forints from 31.8 billion in the same period of 2012.

MOL Chairman and CEO Zsolt Hernadi said in an earnings statement that the company would continue its downstream efficiency program in 2014.

Its upstream business would seek growth opportunities after buying assets in the North Sea region last year, he said.

"Going forward down this road, we are looking for attractive M&A opportunities to achieve a step change in upstream," Hernadi said.

He added that the Akri-Bijeel block in Iraq could deliver its first barrels of oil in the second quarter of 2014. ($1 = 225.7969 Hungarian forints)

(Reporting by Krisztina Than; Editing by Stephen Coates)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

Energy

Rig Moves: Mobilized for Performance

The operation of an oil field involves moving rigs or jackups in a maneuver referred to as a rig move. These complex operations require experience and the coordination of all stakeholders.

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1844 sec (5 req/sec)