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OMV AG swings to loss in Q3

OMV AG said its normalized net income for the third quarter was a loss of €1.37 per share, compared with the S&P Capital IQ consensus estimate of 82 cents per share.

The per-share result swung to a loss from the prior-year profit of 72 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €445.4 million, compared with income of €234.7 million in the year-earlier period.

The normalized profit margin fell to negative 7.3% from 2.6% in the year-earlier period.

Total revenue declined 34.8% on an annual basis to €5.93 billion from €9.10 billion, and total operating expenses fell 21.7% on an annual basis to €6.68 billion from €8.53 billion.

Reported net income came to a loss of €472.0 million, or a loss of €1.45 per share, compared with income of €232.4 million, or 71 cents per share, in the prior-year period.