Orlen records PLN 2.8 bln net profits in 2015

Poland's top refiner PKN Orlen may review its strategy and long-term financial targets to adjust to market conditions, the company said on Thursday after it posted a fourth-quarter net loss of $20 million. "The macro situation is slightly different today than it was in mid 2014 when our strategy was approved, and this is why the financial targets may need a new approach," PKN chief executive Wojciech Jasinski said in a statement. "We do not rule out the possibility of a strategy review, so that we can react in a flexible way to the changes in the market environment," he said. PKN's 2014-2017 strategy assumed its average annual EBITDA LIFO - or earnings before interest, taxes, depreciation and amortization, excluding the impact of oil prices changes - would be 5.1 billion zlotys ($1.2 billion). Last year, PKN's EBITDA LIFO came to 7.74 billion zlotys. According to the strategy, PKN Orlen plans to increase its dividend per share every year by 2017. PKN said its fourth-quarter net loss of 81 million zlotys, which was below analyst expectations, was the result of bigger than expected charges on assets due to falling oil prices, though this was partly offset by higher refining margins. The company said it had to write off 400 million zlotys from the value of its Canada's assets in the quarter.