Austria's OMV on Wednesday reported a 43% year-on-year drop in second-quarter earnings and cut capital expenditure for the year by 8% in response to what it described as a "challenging market environment." The Vienna-based company's earnings before interest and taxes (Ebit) came in at ?214 million ($239 million) in April-June, versus ?375 million a year earlier, while its 2016 capex has been lowered to ?2.2 billion from the previous target of ?2.4 billion.
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