PKN Orlen profit of zl. 66 million, but below expectations

According to International Accounting Standards, PKN Orlen made zl. 66 million net profit and zl. 179 million operating profit in the first quarter of 2002. These figures, which fell below market expectations, are much better than the bad results of last year. "This proves that the company has resolved most of its problems, which had a strong impact on the company in the first quarter of 2001," said one fuel sector analyst, quoted by Prawo i Gospodarka. According to information from PKN Orlen the results, as compared to the same period of last year, were influenced by a decrease of margins on fuels and refineries, the stable exchange rate against the US dollar, and an increase in the volume of sales. The company also declared that changes in the structure of its production positively influenced the first quarter results. (Prawo i Gospodarka, p. 6) P.W.