Profits of PKN Orlen see sharp first quarter fall as revenues increase

The net profits of Poland's leading oil group, PKN Orlen, fell by 77% in the first quarter, to zl.40 million, according to International Accounting Standards (IAS). In a statement PKN, which earned zl.174 million in the same period of 2000, said that its revenues increased in the January to March period of this year by 2.1%, to reach zl.3.854 billion. In another development, the Polish Securities and Stock Exchange Commission (KPWiG) yesterday granted Nafta Polska permission to sell its stake in PKN Orlen to a strategic investor. OMV of Austria is said to have expressed an interest in the 18% of PKN Orlen shares currently held by Nafta Polska. (Prawo i Gospodarka, p.11; Reuters) M.S.-C.