BRIEF-MOL Q2 beats forecasts, raises full-year EBITDA guidance

Aug 4 (Reuters) – MOL Plc says in second-quarter earnings report:

* Second-quarter net profit rises to 88.8 billion forints from 79.1 billion in the second quarter of 2016; vs 93.9 bln in the first quarter of 2017

* Core profit, or so-called clean EBITDA (earnings before interest, taxes, depreciation and amortisation), jumps to 192.7 billion forints in the second quarter, rising 22 percent from 158.5 bln in same period of 2016

* EBITDA comes in above analysts’ median forecast of 177.9 billion forints in a poll by business website www.portfolio.hu. Net profit also above forecast of 70.1 billion forints

* First-half result gives basis for raising full-year 2017 clean EBITDA guidance to above $2.3 billion from 2.0 bln – chairman and chief executive Zsolt Hernadi says in report

* Organic capex guidance cut to around $1 bln

* Downstream clean EBITDA rises 8 percent year on year to 186 billion forints

* Upstream EBITDA jumps 37 percent year-on-year to 64 billion on higher oil prices, 5.6 bln florints one-off cash collection in Egypt

Further company coverage: (Reporting by Krisztina Than; Editing by Sunil Nair)

Source
Reuters: Sao Tome et Principe News

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