OMV Q3 Net Profit Down 37 Percent

VIENNA (AP) — Austrian oil and gas company OMV AG said Tuesday its net profit for the third quarter dipped 37 percent due to the steep drop in crude prices and refining margins over the past year.

The company, based in Vienna but operating across much of Central Europe, said net income dropped to euro283 million ($423.8 million) for the three months ended Sept. 30 from euro453 million in the same period a year earlier.

OMV predicted that the main market drivers — the price of crude, refining margins and the euro-dollar exchange rate — would remain volatile for the rest of the year.

"The depressed global economic environment is having an impact on OMV's relevant markets," the company said in a statement.

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OMV: http://www.omv.com