PKN Orlen results above expectations
Poland’s largest oil company PKN Orlen recorded a net profit of PLN 64 million in the fourth quarter of 2014 compared to a market consensus of just PLN 6 million.
The company’s operating profit came in at PLN 254 million, higher than a market consensus of PLN 110 million. Revenue was PLN 24.12 billion compared to an expected PLN 25.89 billion.
PKN Orlen’s results were affected by a decline in refinery margin and the Brent/Ural differential, and by the złoty’s strengthening against the US dollar and weakening against the euro, the company said. At the same time, average oil prices declined.
