OMV Results reflect profitable growth
Posted: 17 November 2004
OMV, Central Europe’s leading oil and gas group, has successfully continued its profitable growth in the first three quarters of the current financial year. EBIT (earnings before interest and tax) rose by 56% to EUR 742 mn, compared to EUR 476 mn in the corresponding period of the previous year.
Net income grew by 67% to EUR 507 mn. Cash flow from operating activities was EUR 906.47 mn, approximately 31% higher than the level of the preceding year (1-9/03 EUR 692.03 mn). The gearing ratio decreased from 40% at the end of 2003 to 19%.
CEO Wolfgang Ruttenstorfer commented, “The results for the first three quarters once again reconfirm OMV’s strength. We have not only achieved very good results, but have also further upgraded our leading position in Central Europe and increased production in our international E&P business.”
Consolidated sales in the first nine months of 2004 increased to EUR 7,481 mn – 33% higher than for the corresponding period of the previous year. Third quarter sales, compared to those of 2003, rose 42% to EUR 3,019 mn. EBIT for the third quarter increased by 80% to EUR 277 mn compared to the previous year´s level. The workforce was increased by 21 new employees and totals now 6,210.
Posted by Alexander Lindsay, Editor Pipeline Magazine
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