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

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

Finance

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

Energy

Nation’s Vessel Operators Join EPA as SmartWay Affiliate

The American Waterways Operators, a 350-member trade association representing the U.S. tugboat, towboat and barge industry, announced today that it joined the SmartWay Transport Partnership,

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

New Crewboat Design for Offshore O&G Market

Upgraded crewboat design employs carbon-reinforced composite materials and is lighter, faster and more fuel-efficient than alternatives. Marine Oil Transportation

News

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Phillips 66 Marine Fueling Facility Nears Completion

Phillips 66’s previously announced marine over-the-water fueling facility at its Richmond, Calif. terminal is nearing completion. The facility, located on Canal Boulevard, and known as Pier No.

 
 
Maritime Contracts Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.2086 sec (5 req/sec)