OMV 2Q Profit Doubled as Production Rose
July 31 2019 - 1:46AM
Dow Jones News
By Nathan Allen
OMV AG (OMV.VI) said Wednesday that profit more than doubled in
the second quarter thanks to higher production and sales volumes as
well as a lower tax rate.
The Austrian oil-and-gas company reported quarterly profit of
543 million euros ($605.3 million) compared with EUR203 million a
year earlier. Sales rose to EUR6.04 billion from EUR5.71 billion,
the company said.
On an adjusted basis, net profit rose to EUR510 million from
EUR272 million, outstripping a FactSet-compiled consensus of EUR403
million.
OMV attributed the higher earnings to a boost in production,
which was driven by acquisitions in Abu Dhabi, Malaysia and New
Zealand, as well as a solid contribution from Libya.
The group's effective tax rate fell to 38% compared with 50% in
the year-earlier period, OMV said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 01:31 ET (05:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Apr 2023 to Apr 2024
