PKN Orlen reports second quarter profits up by 58%

Second quarter profits of oil giant PKN Orlen were up by 58.4% from a year ago, at zl.214 million, based on revenues of zl.6.5 billion. In an upbeat assessment of the company's performance, group president Andrzej Modrzejewski said, "It is worth emphasizing that these results were achieved against the background of a deep slump in the economy." During the April to June period, companies belonging to the PKN Orlen group processed 3.1 million tons of crude oil, 4% higher than in the first quarter, but 3.2% lower than in the second quarter of 2000. Company representatives ascribe the improved performance in part to increased sales of engine oils. (Rzeczpospolita, p. B4; Puls Biznesu, p. 7) P.W.