Orlen Q2 profit soars

WSE-listed fuel giant Orlen had PLN 1.74 billion Q2 net profit, up by 20 percent y/y and up by 44.9 percent above market expectations. For H1, the net profit amounted to PLN 2.78 billion down from PLN 3.46 billion the year before. EBITDA amounted to PLN 3.04 billion, down by 30.4 percent y/y, while revenues stood at PLN 26.7 billion, up by 16 percent y/y. “The positive impact of changes in crude oil prices on the valuation of inventories for 6 months of 2018 amounted to PLN 1.08 billion and was PLN 905 million higher than in the previous year. Operating profit increased by amortization before taking into account the impact of changes in crude oil prices on the valuation of inventories (the so-called LIFO EBITDA) for 6 months of 2018 amounted to PLN 4 billion and was lower by PLN 1.35 billion y/y),” the report said.