MOL with HUF 60.26 bln net profit in Q1

Hungarian MOL reported net profit of HUF 60.26 billion, down by almost 36 percent y/y. Operating profit amounted to HUF 68.65 billion compared to HUF 120 billion a year ago. "Due to rising oil prices, increased production and lower costs EBITDA in the Upstream segment increased by 31 percent y/y and reached $287 million, with daily production of 110,000 barrels of oil equivalent," the company's report stated. Capex for organic growth amounted to $160 million in the first quarter of 2018, with no merger and acquisition activities. A year earlier, Group capex was $109 million. MOL concern operates in oil production and processing (production assets are in eight countries, it also has four refineries and two petrochemical units). It has been listed on the Warsaw Stock Exchange since 2004.