Mol Rises as Third-Quarter Profit Jumps: Budapest Mover
The shares gained as much as 0.8 percent and traded 0.4 percent higher at 18,800 forint by 11:19 a.m. in Budapest. The benchmark BUX stock index, in which Mol has the biggest weighting at 33 percent, was 0.5 percent higher.
Net income rose to 67.5 billion forint ($301 million) from 36.4 billion forint a year earlier, the company said in a filing to the Budapest Stock Exchange today. The median estimate of five analysts in a Bloomberg survey was for a profit of 53.1 billion forint. Mol expects “average” profitability in the last quarter of 2012 in the downstream segment which boosted income in the July through September period, Chief Financial Officer Jozsef Simola said in a conference call today.
“The slightly positive trends may help raise earnings expectations,” Balint Torok, a Budapest-based analyst at Buda- Cash Brokerhaz Zrt., wrote in a research report today. “The impact may only be small.”
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