Unipetrol’s profit in Q2 increases due to steam cracker insurance payments
During the quarter, revenue of Unipetrol, majority owned by Poland’s PKN Orlen decreased 37% on a yearly basis to 20.6 billion crowns ($839.5 million) because of decreasing petrochemical sales stemming from limited production and lower crude oil prices.
Unipetrol reported that the company’s damaged steam cracker has been offline since August 2015 but the cracker’s eight furnaces will be restarted at the end of August. Afterwards, the company plans to run the cracker at full capacity in October.
The company recorded 3.9 billion crowns insurance payments in Q2 supporting increase its LIFO earnings before interest, tax, depreciation and amortisation (EBITDA) by 893 million crowns to 4.6 billion crowns.
It is expected that the Kralupy refinery, unexpectedly shut in May, will be restarted in October. The company is estimated to have to pay 400 million crowns for repairs.
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