Vienna - Austria-based oil and gas group OMV reported plummeting first-quarter profits and operating results Friday, blaming lower oil prices and the economic downturn.

Net profit after minorities fell to 40 million euros (53 million dollars) - 91 per cent less than the 446-illion-euro profit reported for the first three months of 2008.

OMV's operating profit went down by 66 per cent to 266 million euros, as falling oil prices had a negative effect on the value of refinery stocks.

The group collected first quarter revenues of 4.29 billion euros, 28 per cent down on last year.

To strengthen its balance sheet amid the difficult business climate, OMV in March announced the sale of its 21-per-cent stake in Hungary's oil and gas group MOL plc to the Russian company Surgutneftegas OJSC.

OMV chief executive Wolfgang Ruttensdorfer said that the company was well prepared to cope with the global economic downturn.

"Its operational and financial strength allows the company to continue pursuing its growth strategy in its core regions, which will offer attractive growth rates in the medium and long term," he said.

The company said it was optimistic about a new oil field recently started in New Zealand, and about fields being developed in Kazakhstan and Romania.