MOL 4Q Results Hurt By Downstream Business, Economy
February 23 2012 - 7:20PM
Dow Jones News
Oil and gas producer MOL Nyrt's (MOL.BU) 2011 fourth-quarter
results were adversely affected by unforeseen difficulties in its
downstream business, the macroeconomic environment and the
conditions in Syria, the company reported Thursday.
MOL booked a net loss of 31 billion forints ($143.1 million) in
the fourth quarter as a result.
MAIN FACTS:
-MOL wants to ensure growth in its upstream business and plans
to accelerate investment programs and focus more on Russia,
Kazakhstan and Kurdistan Region of Iraq, President and Chief
Executive Zsolt Hernadi said.
-MOL is expecting improvement in its downstream business despite
the recent weak performance and is planning some selected
investments.
-"Our financial position improved further over 2011 ensuring a
solid basis for our organic growth plans, moreover, we are
continuously evaluating potential inorganic steps as well," Hernadi
said.
-MOL reported unadjusted fourth-quarter earnings before interest
and taxes, or EBIT, of HUF10.1 billion compared to HUF62.8 billion
a year ago.
-MOL closed up 0.1% Thursday at HUF18,810 a share.
-Budapest Bureau, Dow Jones Newswires, +36-1-267-0622;
budapest@dowjones.com
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