WARSAW: Poland’s oil refiner PKN Orlen, is expected to report a 4-percent fall in fourth-quarter net profit year on year, as higher oil prices hit its refining margins, a Reuters poll showed on Friday.
The state-controlled oil firm is expected to produce fourth-quarter net profit of 1.72 billion zlotys ($505.08 million) based on an average forecast from eight banks and brokerages. This would put PKN’s net profit in the whole 2017 at 6.79 billion zlotys.
PKN’s so called EBITDA LIFO, or earnings before interest, tax, depreciation and amortisation, excluding the impact of impairment and costs of oil inventorie.
