November 3, 2017 / 6:48 AM / in 2 years

BRIEF-MOL Q3 net profit below forecast, affirms 2017 EBITDA guidance

Nov 3 (Reuters) - MOL Plc says in its third-quarter earnings report:

* Third-quarter net profit drops 29 percent year on year to 47.7 billion forints, also below 88.8 billion forints profit in second quarter, and comes in below analysts forecast for 78.1 billion in survey of website Portfolio.hu

* Core profit, or so-called clean EBITDA (earnings before interest, taxes, depreciation and amortization), drops to 150 billion forints from 163.9 billion forints in the same period of 2016, below analysts’ forecast of 172.8 billion forints.

* Company on track to deliver on full-year 2017 EBITDA guidance of $2.3 billion - Chairman and Chief Executive Zsolt Hernadi says in report

* Says launching its downstream programme which would deliver $500 million in additional EBITDA with over $2 billion investments by 2022

* Downstream performed weaker in third quarter as contribution from both petrochemicals and refining declined due to lower wholesale margins and lower product sales

Further company coverage: (Reporting by Krisztina Than; Editing by Biju Dwarakanath)

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