Libya dents earnings of Austrian energy group OMV
Austrian oil and gas group OMV said Wednesday that its overall profit rose 3 per cent in the first three quarters, but that its operating profit narrowed in that period because oil production had stopped in Libya, DPA reported.
The company made a net profit of 854 million euros (1.17 billion dollars) until the end of September.
However, if the effect of increasing values of inventories is deducted, the profit would not have grown compared with the same period last year, but would have dropped 18 per cent to 740 million euros.
The operating profit fell 7 per cent to 1.78 billion euros.
Chief executive Gerhard Roiss said that OMV was in the process of carrying out its new strategy, which involves a stronger focus on gas and the sale of petrol stations.