MOL reports HUF 41.5bn loss in Q2

As sales plunged due to strict coronavirus lockdown measures, Hungarian oil and gas company MOL reported a HUF 41.5bn loss in the second quarter of this year. Revenue dropped 40 percent to HUF 812.6bn, according to the company’s latest earnings report, which noted record lows for crude prices. The cost of raw material and consumables decreased by 48 percent to HUF 561.4bn in Q2. The company’s downstream business dropped 43 percent to HUF 678.6bn, while revenue from its upstream business decreased 41 percent to HUF 73.6bn. “While the strategic directions remain intact, the current circumstances do necessitate a rethinking of priorities, resetting of the financial framework and updating the long-term strategic and short-to-mid-term tactical and financial targets,” MOL said in its report.