OMV sees profits rise

Rising profits: OMV posted a net income of €986 million for the first six months of 2012

OMV

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Josh Lewis

 08 August 2012 07:16 GMT

Austrian company OMV saw profits rise during the first half of the year as revenues rose on the back of higher production and oil prices.

Net income for the six months to 30 June was €986 million ($1.2 billion), up 15% on the €861 million booked during the same period a year earlier.

The jump in profits came as sales revenue climbed 27% to nearly €23.4 billion, compared to the €16 billion generated during the first half of 2011.

Sales from the company’s exploration and production segment rose 20% during the first six months of the year to nearly €3.1 billion.

Helping lift the segments results was a 4% rise in production to an average of 302,000 barrels of…

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