VIENNA (Reuters) - Austrian energy group OMV’s (OMVV.VI) adjusted net profit fell short of expectations in the second quarter despite higher oil prices and output, as the company said on Thursday it took a hit on hedging and its tax rate jumped.
Clean current cost of supplies (CCS) net income attributable to stockholders, which excludes special items and inventory gains or losses, fell 4 percent from a year earlier to 272 million euros (£242 million), below an average forecast of 311 million euros in a Reuters poll of analysts.
A larger poll posted on OMV’s website had an even higher average forecast of 350 million euros.
“Positive net market effects were driven by higher oil prices and partly offset by negative hedging effects as well as the negative FX impact following the depreciation of the U.S. dollar against the euro,” OMV said.
The group’s clean tax rate also jumped to 49 percent from 35 percent a year earlier, which OMV said was partly because more of its production came from highly taxed countries in the Middle East and Africa region. The hedging effects also increased its tax rate, it said.
Its clean CCS operating result, however, rose 10 percent to 726 million euros, between the Reuters and OMV polls’ average forecasts of 680 and 765 million euros.
Reporting by Francois Murphy; Editing by Michael Shields