English
Hungarian oil company MOL Nyrt. announced a net profit of 24.3 billion forints (USD 108 million) at the end of Q1 2010, compared to the losses of 124.9 billion forints posted in last year"s similar period. The result comes on the back of the rising profitability of its divisions, and the shrinking of its financial losses. However, the result failed to meet analyst estimates: 25.4 billion forints.
MOL said that financial losses decrease to 23.5 billion forints, from 147.1 billion in Q1 2009, as losses caused by exchange rate fluctuations decreased.
MOL, operates crude refineries in Hungary, Italy, Croatia and Slovakia. Since 2005, the company has been focusing on expanding its exploration and production operations. The company"s earnings took a hit last year, as the global crisis caused a demand for oil and refined oil products to drop.
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