July 29, 2020 / 5:26 AM / 5 days ago

OMV's Q2 core profit down 86%, beating expectations

VIENNA, July 29 (Reuters) - Oil and gas group OMV on Wednesday posted a lower-than-expected 86% fall in second-quarter operating profit thanks to its strict cost management and cut its spending plans again in response to the global economic crisis.

Clean current cost of supplies (CCS) earnings before interest and tax (EBIT), which exclude special items and inventory gains or losses, came in at 145 million euros ($170 million) in the three months through June, the group said.

Analysts had on average forecast a drop to 52 million euros from the 1.05 billion euros a year earlier, according to a poll on the company’s website.

OMV now plans to spend around 1.7 billion euros this year after previously guiding for 1.8 billion euros. ($1 = 0.8529 euros) (Reporting by Kirsti Knolle Editing by Michelle Martin)

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