The Austrian oil and gas company OMV achieved a three percent increase in net profit in the first half of 2007, reaching 743 million euros, but earnings before interest and taxes (EBIT) fell by eight percent compared to the same period in 2006.
At the same time, group revenues grew by three percent to 9.18 billion euros, OMV reported. The good results of OMV were supported by the performance of the gas segment of OMV’s business, whose EBIT nearly doubled to 121 million euros. OMV has strengthened its leading position in its Central European markets, positioning itself well for further consolidation, said the company’s CEO Wolfgang Ruttenstorfer.
The Romanian part of OMV’s business, the company Petrom, contributed 306 million euros to the company’s total profit. As part of its long-term growth strategy, OMV increased its stake in the Hungarian energy company MOL at the beginning of 2007, encountering strong opposition from the Hungarian side.
"By increasing our stake in MOL to nearly 19 percent in the first half of 2007, we positioned ourselves for the next wave of consolidations in the Central and Eastern European region," said Ruttenstorfer. "The benefits and synergies that may arise from the merger of OMV and MOL provide an opportunity to generate a strong Central European company and increase value for the shareholders of both companies," he added. In the second quarter, this Austrian company achieved an EBIT of 562 million euros, or nine percent less, while net profit increased by three percent to 411 million euros. (Ante Livajić)
