Orlen makes PLN 1.22 billion net loss In Q4

Polish refiner, PKN Orlen’s, net loss amounts to PLN 1.22 billion in Q4, an increase from PLN 421 million one year earlier, the company said Friday. The loss is due to falling oil prices and one-off items. The loss exceeds previous expectations as the forecasts assumed total net losses of PLN 643 million. As much as 60 percent of the loss is due to the write-down of a Canadian subsidiary due to plunging oil prices. The company also lost more than PLN 300 million on the decreasing value of its upstream assets. Meanwhile, Orlen plans to invest PLN 3.8 billion in 2015, earmarking PLN 2.5 billion for further development. PKN Orlen is a WSE-listed major Polish refiner and petrol retailer.