Austrian energy group OMV's third-quarter core profit jumps by nearly a third

Austrian oil and gas group OMV posted a 31 percent rise in its third-quarter adjusted operating profit, helped by a production start-up in Abu Dhabi and higher oil prices.

Clean current cost of supplies (CCS) earnings before interest and tax (EBIT), which excludes special items and inventory gains or losses, came in at 1.05 billion euros ($1.19 billion), above an average forecast of 929 million euros in a Reuters poll of analysts.

Net income attributable to stockholders declined to 221 million euros from 439 million a year earlier, largely due to a significant increase in taxes, the group said.

The group's tax rate rose to 46 percent from 21 percent, mainly due to high taxes in Norway and Libya.

OMV said it now expects the Brent oil price to average at $74 per barrel in 2018 after a previous forecast of $70.