The Hungarian oil company MOL saw its profits fall from HUF 54bn in Q1 2012 to just HUF 700m in Q2, as a result of lower output upstream combined with inventory losses, lower demand and repair work at the company’s refineries took their toll. However, the company reported that its operating profits rose slightly to HUF 68bn.
MOL chairman Zsolt Hernádi said the company’s results in the first half of the year were negatively impacted by issues including “the European economic crisis and political changes in the Arabic World. We still believe that with appropriate responses we could become an even stronger and more successful industrial player. This is the reason why, in order to reach our goals, the transformation of MOL Group has continued during the last months as well.”
