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MOL closes 2003 with record profit

Hungarian Oil and Gas MOL Group closed 2003 with a record profit, CEO Gyorgy Mosonyi said.

The EBITDA profit figure grew by 40% to Ft 180.7 billion, which was due to the improving business climate as well as Slovnaft's consolidation from the Q2 of last year, Mosonyi said.

Slovnaft contributed with Ft 23.3 billion to MOL's profit, Mosonyi said. MOL plans to produce 2 million tons of oil and gas this year.

MOL's gas branch still failed to turn in positive operational figures, thus the company has hired JP Morgan to find a buyer for it, Mosonyi said.

(BBJ 16.ii.04)

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