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11. 11. 09. - 11:00

OMV reports lower turnover and profit

By Lisa Chapman

Austrian oil and gas producer OMV has reported tumbling profits for the first three quarters of the year.

The company said today (Tues) that its profit fell by 70 per cent year on year to 468 million Euros while turnover dropped 34 per cent year on year to 13.123 billion Euros during the first nine months of 2009.

Earnings per share were 1.57 Euros during the period, compared to 5.30 Euros in the same period of 2008.

OMV said its earnings before interest and taxes (Ebit) fell 23 per cent year on year to 553 million Euros in the third quarter of 2009.

OMV chief Wolfgang Ruttenstorfer said today this years results could not be compared to those of any other.

He added that the firm would stick to its production goal of 350,000 barrels of oil-equivalent (BOE) a day in 2010 but admitted it would be a big challenge and difficult to achieve.

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