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OMV posted a 67 % jump in Q4 operating profit, benefits from rising crude prices

OMV swung to a net profit in the Q4, despite a decrease in sales.


The Austrian OMV announced on February 21, 2018, that it swung to a net profit in the Q4, despite a decrease in sales.

 

Net profit in the period was EUR311 million compared with a loss of EUR378 million a year earlier, due to the effects of depreciation, amortization and impairment charges. Sales revenue stood at EUR4.91 billion, lower than the EUR5.41 billion a year earlier, the company said.

 

OMV said that net profit was EUR367 million on an adjusted basis, compared with EUR153 million a year earlier. OMV said a median consensus estimate had forecast adjusted net profit of EUR356 million, according to data provided by Vara Research. The adjusted operating result was EUR688 million, slightly higher than expectations of EUR674 million.

 

The Austrian company said that it exceeded its cost-savings target, and that it expects capital expenditure to be of about EUR1.9 billion in 2018. OMV expects lower refining margins than last year, as well as total production of 420,000 barrels of oil equivalent a day.

 

OMV said that it sees higher sales volumes in natural gas in 2018 compared with 2017. It proposed a dividend of EUR1.50 a share, a 25% increase compared with a year earlier.

 

Source : Neftegaz.RU