Net profit at OMV, an Austrian oil and gas firm owned in part by Abu Dhabi, declined in the second quarter despite strong sales and resurgent production in Libya.
The company, which in June signed a deal to appraise a gasfield in Abu Dhabi, posted a net quarterly profit of €360 million (Dh1.63 billion), a6 per cent decline compared with the same quarter last year. Revenue rose 25 per cent to €9.99bn.
A decline in the price of Brent crude was offset by a weak euro and increased production in Libya, where OMV is pumping at 90 per cent of pre civil war levels.
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