MOL attributed to deterioration to the downstream segment following a seasonally lower demand and sales both in refining, marketing and retail, the collapse of the gasoline crack spread, lower integrated petrochemicals margins as well as unfavourable FX trends. EBITDA was down by HUF 41bn to a negative HUF 14.4bn in Q4 2013. MOL booked a one-off effect of the impairment on
The upstream revenues declined by 24% y/y to HUF 141.8bn and EBITDA was down 18% to HUF 89.7bn. MOL booked impairment on INA's Syrian assets HUF 43.3bn.
In aggregate terms, MOL's attributable net profit declined by 86% y/y to HUF 21.6bn. The company had an operating loss of HUF 18.7bn as net revenue declined by 2% y/y to HUF 5.4tn and expenditure advanced by 3% y/y to HUF 5.5tn.
Commenting on the results, MOL CEO,
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