July 24, 2020 / 12:50 PM / 19 days ago

EARNINGS POLL-Polish refiner PKN seen posting one-off jump in Q2 profit

    * Q2 results to be released July 30 before market opens
    * Net profit seen jumping on one-off gain on Energa
acquisition
    * Clean results expected to fall amid difficult macro
situation

    WARSAW, July 24 (Reuters) - Poland's biggest oil refiner PKN
Orlen          is expected to report a 66% jump in
second-quarter net profit due to a one-off gain related to the
acquisition of utility Energa, a Reuters poll showed on Friday.
    State-run PKN is seen posting a net profit of 2.65 billion
zlotys ($698.60 million) due to a goodwill recognition related
to the purchase of Energa earlier this year, the survey among
nine banks and brokerages showed. Not all analysts included the
one-off gain in their forecasts.
    That would put PKN's net profit for the first half of the
year at 408 million zlotys, as the group reported a loss for the
first quarter.
    Some analysts pointed out that underlying second quarter
results would be hit by a slump in fuel sales and margins caused
by the COVID-19 pandemic. 
    
    The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):

SECOND QUARTER OF 2020
              Net profit    EBITDA LIFO   EBITDA    Sales
 Average        2,652        3,859         3,683    15,459
 Median         1,821        2,775         2,663    15,766
 Lowest           347        1,249         1,143    12,285
 Highest        5,622        7,010         7,060    16,805
 No. of             9            5             8         7
 forecasts      
 Q2 2019        1,602        2,732         2,949    29,228
 Q1 2020       -2,244        1,607          -465    22,077
    
Forecasts provided by: Santander BM, Trigon DM, DM mBank, Pekao
IB, Ipopema Securities, Bank of America, Erste Securities,
Raiffeisen Centrobank, DM PKO BP.
($1 = 3.7933 zlotys)

 (Reporting by Agnieszka Barteczko; Editing by Mark Potter
)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below