PKN Orlen beats expectations with Q3 profit
October 24, 2013
Fuel group PKN Orlen beat expectations with a PLN 654.6 million Q3 attributable net profit, less than half the prior year take as a tough mix of margins and crude prices hit the refining segment, Q3 financial report out Wednesday showed.
EBIT of PLN 617 million was 7% above the consensus expectation.
Inventory effects contributed to earnings. Restated to LIFO accounting, EBIT would have come to PLN 255 million.
Net financial gain hit PLN 204 million including PLN 331 million in net foreign exchange gains on FX and debt revaluations.