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Poland's PKN Q3 net profit rises 5 pct, misses forecast
October 19, 2017 / 5:27 AM / a month ago

Poland's PKN Q3 net profit rises 5 pct, misses forecast

WARSAW, Oct 19 (Reuters) - Poland’s top oil refiner, PKN Orlen, said on Thursday its third-quarter net profit rose by a lower-than-expected annual 5 percent to 1.603 billion zlotys ($447 mln) despite bigger capacity utilisation after 2016 refinery shutdowns.

PKN’s so called EBITDA LIFO, or earnings before interest, tax, depreciation and amortisation, excluding the impact of impairment and costs of oil inventories amounted at 2.997 billion zlotys in the third quarter.

Analysts had expected the state-run PKN to report a net profit of 2.0 billion zlotys and EBITDA LIFO at 3.28 billion zlotys in the third quarter.

PKN’s revenue stood at 24.73 billion zlotys in the third quarter, less than the 25.36 billion expected by analysts. ($1 = 3.5881 zlotys) (Reporting by Marcin Goettig)

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