(MENAFN- AFP)Austrian oil and gas group OMV said Wednesday that it returned to profit last year, helped liked its rivals by a rise in crude prices.
Net income was 853 million euros ($1.05 billion), up from a loss of 183 million euros, while operating profit was 1.7 billion euros versus a loss of 32 million euros.
Oil prices rebounded strongly last year per barrel as OPEC and other producers including Russia capped output to reduce a massive global supply glut.
This has helped oil majors to report bumper results in recent weeks, with BP saying last year was one of its strongest in recent history.
OMV said it expects the price of Brent Crude to average $60 per barrel this year, having broken through $70 in January for the first time since late 2014.
The company raised its dividend 25 percent to 1.50 euros per share. The share prices slipped slightly however, losing 0.4 percent in Vienna.
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