Austria’s OMV Profit Slumps on Weak Oil Trading and Refining

Austrian energy company OMV reported a lower-than-expected net profit for the third quarter as stronger chemicals sales and margins could not fully offset weaker oil prices, refining margins, and trading. OMV on Tuesday said that its net profit on a current cost of supply (CCS) basis, its closest metric to net income, fell by 20% to $374 million (346 million euros) for the third quarter, lower than a company-provided consensus of $495 million (457 million euros). Operating profit adjusted for the current cost of supply fell by 21% year-over-year...