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Unipetrol and PKN Orlen announce financial results for Q4

ChemOrbis Editör Ekibi - content@chemorbis.com
  • 26/01/2017 (17:16)
According to media reports, Czech oil company Unipetrol and Poland’s biggest oil refiner PKN Orlen reported their financial results for the fourth quarter of 2016.

Unipetrol posted a net profit of 4.17 billion crowns ($170 million) in October-December period, significantly above the expectations of 2.71 billion crowns ($110 million) in a Reuters’ poll. The increase in the company’s profit was attributed to the restarts of units and reversal of an impairment allowance worth 1.9 billion crowns ($80 million) for downstream assets.

PKK Orlen also posted a net profit of 1.79 billion zlotys ($440 million) in Q4 of 2016, beating the estimates of 1.68 billion zlotys ($410 million). The company had a net loss of 81 million zlotys ($20 million) in the same period of last year. The rise in the company’s profit was attributed to the increase in sales and throughput.
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