Polish refiner PKN's Q1 net profit seen down 25 pct

* PKN Q1 results due April 25 before market opens
* Net profit seen down at $205 mln

WARSAW, April 19 (Reuters) - Polish oil refiner PKN Orlen
is expected to report a 25-percent drop in
first-quarter net profit amid a weaker performance in its
petrochemicals business, a Reuters poll showed on Friday.
The state-controlled refiner's first-quarter net profit is
forecast at 780 million zlotys ($205 million), according to the
average estimate of nine banks and brokerages.
Earnings before interest, tax, depreciation and
amortisation, excluding the impact of impairment and costs of
oil inventories (EBITDA LIFO), are forecast at 1.89 billion
zlotys, flat year on year.
PKN said earlier this month its petrochemical margin fell to
885 euros per tonne in the first quarter from 902 euros a year
earlier.

The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):

FIRST QUARTER OF 2019
Net profit EBITDA LIFO EBITDA Sales
Average 780 1,888 1,720 25,460
Median 836 1,936 1,774 25,068
Lowest 456 1,604 1,393 23,976
Highest 938 2,053 1,900 27,441
No. of 9 8 8 7
forecasts
Q1 2018 1,042 1,893 2,037 23,241
Q4 2018 804 2,042 1,243 29,420

Forecasts provided by: Trigon DM, DM BDM, DM mBank, DM BOS,
Vestor DM, Haitong Bank, UBS, Santander BM, Erste.
($1 = 3.8052 zlotys)

(Reporting by Agnieszka Barteczko; Editing by Mark Potter)


2019-04-19 13:26:33

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