Latest News

Austria's OMV 2nd-quarter results exceed forecasts, as the chemicals division soars

The second quarter results of Austrian oil company OMV were in line with expectations, thanks to higher results from the chemicals division. Lower contributions from its fuels and energy divisions were offset by lower results for the energy division.

Vienna-based company posted a clean operational result of 1,03 billion euros ($1.18billion) for the second quarterly, which was in line with expectations. The consensus provided by the firm had expected 1.02billion euros.

Clean operating results are based on current costs of supply and exclude one-off items, short-term gains or losses and energy inventory holdings.

The Borealis Group's contribution to the company's second-quarter clean operating profit of 200 million euros was cited as the reason for this 76% increase.

OMV's chemical division is a key growth driver for the company, as it transitions away from fossil fuels. It produces chemicals that are used in car parts, gas and water pipes and medical syringes. ($1 = $0.8747 euros) Reporting by Tristan Veyet, Gdansk. Editing by Christopher Cushing & Mrigank Dhaniwala

(source: Reuters)