Hungarian energy group MOL Nyrt. (MOL.BU) is planning to enhance its downstream business and achieve a considerable boost over the next three years, according to the company's first-quarter earnings report Monday.

MOL saw its first quarter net profits drop 20% on the year to 73.7 billion forints ($321.1 million). A survey of nine analysts by Portfolio.hu saw MOL's net profit down 54% at HUF42.5 billion.

MOL is expecting its downstream-boosting program to achieve an increase of $500 million to $550 million in earnings before interests, taxes, depreciation and amortization, or EBITDA, over the course of the next three years.

"2012 is expected to be a challenging year especially when considering the announced force majeure in Syria--where MOL has interests through its Croatian asset Industrija nafte d.d. (INA.ZG)--or the tough refinery and petrochemical environment. Nevertheless, we believe MOL Group is well-positioned to realize an outstanding midterm growth," MOL Chief Executive Zsolt Hernadi said in the report.

MOL closed Monday's trading down 1.5% at HUF16,250.

-Budapest Bureau, Dow Jones Newswires, +36-30-452-3980; budapest@dowjones.com

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