(Reuters) -Austrian oil & gas company OMV reported second-quarter results in-line with expectations on Thursday, as lower contributions from its energy and fuels & feedstock divisions were compensated
OMV Reports Strong Q2 Results Driven by Chemicals Division Growth
OMV's Financial Performance Overview
(Reuters) -Austrian oil and gas company OMV reported second-quarter results in line with expectations on Thursday, as lower contributions from its energy and fuels and feedstock divisions were compensated by higher results at the chemicals business.
The Vienna-based firm posted a clean operating result of 1.03 billion euros ($1.18 billion) for the second quarter, in line with expectations for 1.02 billion euros, according to a company-provided consensus.
A clean operating result is based on the current cost of supply, and excludes one-off items and short-term gains and losses from energy inventory holdings.
Chemicals Division Growth
The company's chemicals business reported for the second quarter a 76% increase in its clean operating profit to 200 million euros, citing a stronger contribution from the Borealis Group.
Operating Results Explained
OMV's chemicals division, viewed as a growth engine for the company as it moves away from polluting fossil fuels, produces chemicals used in gas and water pipes, car parts and medical syringes.
($1 = 0.8747 euros)
(Reporting by Tristan Veyet in Gdansk; Editing by Christopher Cushing and Mrigank Dhaniwala)
