Bloomberg News

Unipetrol Falls Most in Seven Weeks as Loss Widens on Writedown

March 29, 2012

Unipetrol AS (UNIP) fell the most in seven weeks after the biggest Czech oil refiner said its audited 2011 loss was more than double the figure reported earlier.

The stock slumped 3.1 percent to 168.1 koruna by 9:56 a.m. in Prague, making it the worst performer today in the 14-member PX (PX) equity index, which retreated 0.7 percent.

The consolidated audited net loss was 5.9 billion koruna ($319 million) last year after the company wrote down more than 4.5 billion koruna from the value of its assets in the fourth quarter, Unipetrol said in a statement today. That compares with an unaudited loss of 2.8 billion koruna reported on Feb. 9.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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