PKN Orlen profits rise sharply y/y in Q3

PKN Orlen recorded a net profit of PLN1.53 billion in Q3 of 2016 compared to 795 million a year earlier, the company announced. The operating profit rose to PLN 1.77 billion, up from PLN 1.16 billion a year earlier, while the EBITD result rose y/y to PLN 2.31 billion from PLN 1.63 billion. However, group revenues fell y/y to PLN 21.1 billion from PLN 23.5 billion. According to Orlen, record profits in the retail segment and weakening of the zloty compared to foreign currencies contributed to the strong results. Negative factors included a decline in downstream margins and lower sales of high-margin petrochemical and refinery products.

All markets in which Orlen is present saw a y/y increase in consumption of diesel and also, with the exception of the German market, of gasoline.