Poland’s Orlen saw 'surprisingly resilient' Q2 petchem numbers: bank

15 July 2013 10:31  [Source: ICIS news]

LONDON (ICIS)--Polish PKN Orlen group’s petrochemical division enjoyed a surprisingly firm second quarter, an investment bank said on Monday.

However, given the low margins bedevilling its refining business, “Orlen’s underlying and reported earnings [for the quarter] are unlikely to be a cause for celebration, despite the very strong and resilient petchems contribution”, Prague-based WOOD & Company added.

Sticking to its ‘Sell’ rating on Orlen stock, the bank forecast that Orlen’s second-quarter petrochemical operating profit would be almost exactly flat year on year at zloty (Zl) 375m ($114.0m, €87.2m).

Orlen’s net second-quarter net profit was set to fall to around Zl 67m from Zl 5m a year ago, the bank estimated.

In the second quarter, Orlen’s model petrochemical margin hit €789/tonne ($1,025) in April, fell to €692m in May and rose to €712/tonne in June. The figures recorded in those three months in 2012 were €765/tonne, €819/tonne and €740/tonne.

Both Orlen and its Czech petrochemical and refining subsidiary Unipetrol are scheduled to report their second-quarter earnings on 23 July.

($1 = €0.77)
($1 = Kc3.29, €1 = Kc4.30)


By: Will Conroy
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index