MOL posts losses in Q3 for the first time in the past five years

Thus, the company posted HUF 4.9 billion (€18.27 mln) in net losses in the third quarter, which translates to a price of HUF 54 (€0.2) per share, compared to HUF 73.4 bln (€273.78 mln) in net profit in Q3 2007. Results exceeded the forecast by analysts questioned by the Bloomberg news agency, who estimated net losses of HUF 3.7 bln (€13.8 mln).

The operating profit in the refining and marketing sectors tumbled 90 percent due to a drop in the quotation of oil, which plunged more than 30 percent in the July-September period. Also, the forint dropped 15 percent against the dollar and 3 percent against the euro in Q3, which led to a rise in the company’s foreign currency debt.

MOL’s fuel sales in Romania rose 2 percent in this year’s first nine months, while the company’s market share dropped to 10.8 percent from 12.8 percent in 2007, according to preliminary financial results. Quarterly sales increased 43 percent, up to HUF 976.5 bln (€3.64 bln), while operating profit plunged by 62 percent, down to HUF 36.6 bln (€0.13 bln).

The group’s financial position is “stable”, and it is able to access €1.5 bln ($1.9 bln) in liquidities and loans, according to Zsolt Hernadi, MOL’s President.