Despite reaching a seven-year production high, Hungarian oil and gas giant MOL reported a 19-percent y-o-y drop in net income in the first three months of 2019. Earnings for the quarter totaled HUF 48.6bn. The company’s operating revenue was up 14 percent. However, operating costs increased by 16 percent. “Earnings declined from a high base as refinery margins were substantially weaker, and this was only partly mitigated by our strong internal performance across all businesses,” said Zsolt Hernádi, MOL’s chairman and CEO, adding that the company is “on the right track” to finishing the year in a stronger position.
