- VIENNA: Austria’s oil and gas company OMV AG has posted an almost 15 percent drop in net profit for the fourth quarter as one-off charges offset a boost from higher oil prices, and says it Libyan production will likely drop due to the violent clashes there.
The Vienna-based company said net income was €88 million ($120.6 million) for the three months through Dec. 31, down from €103 million a year earlier, due mainly to charges linked to the takeover of Turkey’s Petrol Ofisi for €1 billion.
Sales rose to €6.64 billion from €4.79 billion.
The results on Wednesday came just hours after OMV announced it expects a temporary reduction of its Libyan production and cannot exclude a complete stop.
In 2010, OMV’s Libyan operations accounted for about 10 percent of total production.