PKN Orlen’s results boost on high oil prices

MAG
16-05-2008, 16:10

Warsaw (Puls Biznesu) – The fuel giant surprised the market with PLN 626m (EUR 184m) of net income, much higher than expected.

PKN had PLN 626m of net income in the first quarter against PLN 49m a year earlier. It was much higher than analysts expected. In the poll made by “PB” analysts had expected PLN 350-763m of net income, the average amounted to PLN 542.6m. In the January-March period, the group had PLN 1.15bn of EBITDA, or 16 percent more than a year earlier and 58 percent more than in the previous quarter. The company admits that the result was so good mainly thanks to high oil prices. Sales amounted to PLN 17.94bn and were nearly 34 times higher than a year earlier.

One of the most important events in the first quarter was the fact the Mazeikiu refinery re-launched production. Oil production exceeded the levels from the year 2005. Unfortunately, the plant is still unprofitable.

“In the second half of the year, the operating income will get out of the red”, Wojciech Heydel, PKN Orlen CEO assured.

Te stock rose 2.53 percent yesterday to PLN 42.3.

(PLN 1 = EUR 0.294)

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