Poland’s PKN Orlen and Lotos Q1 profits surge on oil inventory boost
Poland’s state-controlled oil companies PKN Orlen and Grupa Lotos said their first-quarter earnings soared above expectations as revaluation of their crude stockpiles and financial gains made up for weaker refining margins. Net profit at PKN, Polands largest company by sales, jumped almost thirteenfold to 626 million zlotys, beating an average analysts’ estimate of 541 mln, after a year-ago figure was depressed by losses from its Lithuanian refinery Mazeikiu.
Lotos, whose production is about a quarter of PKN’s, lifted its net profit almost fivefold to 268 million zlotys from 56 million a year earlier and beat an average forecast of 191 million from 10 analysts polled by PAP newswire.
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