EARNINGS POLL-Hungary MOL's Q2 net seen boosted by forex gains
* MOL Q2 results
* Due on Tuesday, Aug 12
* Net profit seen up 300.2 pct, EBIT seen down 5.9 pct yr/yr
By Krisztina Than
BUDAPEST, Aug 8 (Reuters) - Hungarian oil and gas firm MOL MOLB.BU is seen quadrupling its second-quarter net income from a year ago with hefty forex gains on its debts boosting its bottom line, and on a strong downstream performance.
Downstream profits were boosted by a jump in diesel crack spreads and also inventory gains, despite a weak dollar which had a negative impact on MOL's upstream and downstream segment.
MOL is expected to report a 107.65 billion forint ($691.3 million) second-quarter net profit, compared with 26.9 billion forints in the second quarter of 2007, according to average estimates from nine analysts in a Reuters poll on Friday.
MOL's operating profit is seen declining by 5.9 percent to 83.15 billion forints from 88.4 billion reported a year ago.
Analysts said MOL's net income soared as unrealised paper gains on the revaluation of its foreign-currency denominated debt boosted profits due to a sharp firming of the forint. Continued...
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