MOL Hopes Hungary's Crisis Tax On Companies Will Be Temporary-CEO
September 28 2011 - 3:29AM
Dow Jones News
Hungarian oil and gas firm MOL Nyrt. (MOL.BU) understands the
need for companies to contribute to reducing the Hungarian budget
deficit but hopes the government's 'crisis' taxes will be
temporary, the chief executive said Wednesday.
"We understand the necessity of a crisis tax, but we hope it'll
be temporary because in the longer run, the tax is an expense,"
Jozsef Molnar said in an interview on commercial channel CNBC.
Although the company is headquartered in Hungary, and around 23%
of its revenue come from here, the operation is more subject to
international developments, Molnar said, adding that local economic
turmoil affects it to a somewhat lesser extent than a fully local
firm.
Fuel pricing, for instance, follows international trends,
although a weaker forint causes a drop in Hungarian consumption and
therefore can affect sales, he said.
The euro-forint traded at HUF286.78 at 0642 GMT, correcting down
from a two-year-high of HUF295 last week.
-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623;
veronika.gulyas@dowjones.com
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