Poland's largest oil refiner and retail PKN Orlen reports solid third-quarter results

Poland's largest oil refiner and retailer PKN Orlen on Thursday reported a rise in third-quarter net profit, buoyed by a strong performance in its petrochemicals and sales divisions.

The company said net profits for the three months ending Sept. 30 totaled 1.03 billion zlotys (US$343 million; €269 million), up from 958 million zlotys (US$319 million; €250 million) in the same period a year earlier.

In a statement, Orlen called them "very good results ... mainly due to excellent retail fuel sales supported by very good and strong results in other segments."

In its combined sales divisions as a whole, retail sales rose 13 percent over last year. Retail sales of diesel rose 23 percent on year, beating most optimistic expectations.
The petrochemical sector generated 211 million zlotys (US$70 million; €55 million), partly due to a 53 percent increase in sales volume.

The strong sales performance offset a 17.3 percent drop in operating earnings at Orlen's refining unit, which was hit by narrower margins.
Source:iht.com