Orlen with major loss on impairments

Image : PKN Orlen

Poland’s largest oil company PKN Orlen recorded a net loss of PLN 5.39 billion in the second quarter of 2014, the company said on Wednesday. The result was highly affected by impairments, mostly on the company’s Lithuanian unit Orlen Lietuva.

Total impairments stood at PLN 5 billion and those for Orlen Lietuva amounted to as much as PLN 4.19 billion. The Polish firm said that the book value of the Lithuanian refinery now stands at just PLN 500 million.

With impairments excluded, the company’s consolidated net profit in Q2 2014 stood at PLN 134 million. Operating profit was PLN 185 million and revenue stood at PLN 28.65 billion.

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