Companies listed on the Budapest Stock Exchange (BÉT) made a total of HUF 1,067 billion in revenues, 10% up from a year ago and HUF 155 billion in profits in Q1, 16.5% up from Q1 in 2004. A total of 13 companies managed to increase their revenues by a larger extent than the rate of inflation (3.5%), while only 11 boosted profits at a rate exceeding inflation.

MOL Rt., chemicals maker TVK Rt. and Land Credit and Mortgage Bank Rt. (FHB) proved the strongest players on the market. MOL mostly profited from high crude oil prices and growing margins at refineries. Crude oil prices in Q1 were 50% higher than a year earlier, and 31% higher than prices at the end of 2004. However, MOL’s sales revenues in Hungary and Slovakia fell due to a falling demand for fuels. Slovnaft, MOL’s Slovakian subsidiary, lost some market share after it closed filling stations that did not make a profit.