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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Finance

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Asia-N.Europe Container Freight Rates Jump 21%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 21 percent to $1,455 per 20-foot container (TEU) in the week ended on Friday,

Energy

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

News

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Bulk Carrier Detained; Two Crew Convicted

A Hong Kong flagged vessel was detained in Queensland following a Port State Control (PSC) inspection conducted by the Australian Maritime Safety Authority (AMSA)

Bill Promotes US LNG Vessel Transport

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, introduced H.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.3941 sec (3 req/sec)