The listed oil producing company OMV increased its revenue in the first quarter of 2013 by 4 percent to 10.8 billion Euros compared to the same quarter of last year.
The company not only managed to increase the revenue but also the net surplus by 52 percent to 951 million Euros. However, the surplus before extraordinary factors decreased by 8 percent to 349 million Euros.
The revenues of the OMV developed weaker than it was expected. Analysts expected an increase in the revenue of 11 percent. The operating results adjusted by inventory effects increased by 6 percent to 851 million Euros.
“Despite sales in the British North Sea and the stop of productions in Schiehallion (Great Britain), we managed to increase our production compared to the fourth quarter of 2012”, stated OMV boss Gerhard Roiss in a press release.
“As part of ‘energize OMV’, our programme of augmenting performance, we were able to reduce the working capital by more than 500 million Euros.
“These excellent results of the first quarter and our strong cash flow generation confirm our progress of achieving ambitious profitability goals and of supporting our investment programme”, Mr Roiss went on.