Bloomberg News

Unipetrol Sees Ebit Gaining on One-Time Provision, Currency

October 19, 2012

Unipetrol AS (UNIP), the largest Czech refiner, said earnings before interest and tax in the third quarter will reach several hundred million koruna because of a one-time provision for an anti-monopoly fine and currency gains.

The ebit was boosted by a one-time positive impact of 200 million koruna ($10.5 million) and a foreign exchange gain of about 130 million koruna, the Prague-based company said in an e- mailed statement.

Sales of petrochemicals jumped 13 percent in the quarter from the previous three-month period and 21 percent from year ago, said the refiner, which is controlled by Poland’s PKN Orlen SA. Sales of fuels and other refinery products rose 3 percent in the quarter as motorist season peaked, the company said.

Crude oil throughput increased 3 percent in the quarter when compared with the previous three-month period, and rose 11 percent from the year-ago period, according to the statement.

The Brent-Urals differential, or the difference between prices of higher-quality Brent crude and Urals oil that Unipetrol uses as a profitability gauge, narrowed to 0.7 from 2.1 in the previous quarter, curbing profits from refining.

PKN, which holds 63 percent of Unipetrol, said this morning operating profit jumped to 1.4 billion zloty ($447 million) as refining margins tripled.

To contact the reporters on this story: Ladka Bauerova in Prague at lbauerova@bloomberg.net;

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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