Hungary’s Mol Affirms Earnings Outlook as Investment Target Cut
- Mol’s net income soars 45 percent in April-June period
- Company cuts 2016 organic Capex plan by $200 million
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Hungarian energy group Mol Nyrt. confirmed its earnings guidance and reduced investment plans for this year after a 45 percent jump in second-quarter net income on the back of rising oil prices and production.
Net income rose to 83.5 billion forint ($299 million) in the April-June period, compared with 57.5 billion forint a year earlier, Mol said on Friday. Earnings before interest, taxes, depreciation and amortization on a clean-current cost of supplies basis fell 10 percent to 160 billion forint. Mol is confident it will reach its target of more than $2 billion this year for this measure, the most closely watched for the group, Chairman Zsolt Hernadi said.