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Orlen's Q1 profit of zł.626 million exceeds all expectations

2008-05-16 01:00
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2008-05-16 01:00
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The company earned zł.626 million in Q1, up from zł.49 million a year ago and compared to a consensus forecast of zł.543 million. The spike in profitability was mainly due to soaring world oil prices, as well as to a revaluation of its inventory. Sales revenues jumped by nearly 34% in Q1 to zł.17.94 billion, driven by rising demand for diesel oil and by a booming market for fertilizers.

Orlen also announced that output at Mozejki, its Lithuanian oil refinery, exceeded the 2005 level for the first time since a crippling fire in March 2006. Although Mozejki was still loss making, it would swing back into the black on the operating level in H2, said CEO Wojciech Heydel. Meanwhile, the Treasury Minister yesterday appointed Jacek Krawiec, a seasoned energy sector executive, as Orlen's new vice president. (Puls Biznesu, p. 6; Parkiet, p. 1, 6) R.M.



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