Hungary's MOL Holds to Production Forecast after Quarterly Downturn

He said MOL had a strong balance sheet which would enable it to continue its growth strategy "with or without INA."

The group's upstream business reported a 25 percent decline in EBITDA excluding special items to 60.6 billion forints, due to falling natural gas prices in Croatia, the sale of a field in Russia and increased royalties paid in Croatia.

Its downstream business continued to suffer from a weak refining environment.

"A 19 percent drop of gasoil crack spreads dampened the refining segment's performance, as gasoil and other middle distillates represents roughly 50 percent of the product slate," MOL said, adding that a planned outage at its Slovak refinery also weighed on the result.

Net profit rose 27 percent to 24 billion forints ($102.5 million) in the second quarter from 18.9 billion in the same period of 2013, partly due to a lower tax charge. ($1 = 234.1400 Hungarian Forints)

(Editing by Subhranshu Sahu and David Holmes)


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