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Poland's PKN Q2 net profit falls 4 pct, misses forecast
July 21, 2017 / 5:24 AM / 4 months ago

Poland's PKN Q2 net profit falls 4 pct, misses forecast

WARSAW, July 21 (Reuters) - Poland’s biggest oil refiner, PKN Orlen, said on Friday that its second-quarter net profit fell 4 percent year on year to 1.54 billion zlotys ($424.65 million), missing analysts expectations.

Analysts had expected PKN to report a rise in net profit to 1.87 billion zlotys in the second quarter, due to higher sales and margins as well an insurance payment related to a 2015 refinery accident.

The group’s adjusted operating profit, the so-called EBIT LIFO which removes the impact of crude oil price changes, came at 2.46 billion zlotys versus 2.49 billion zlotys expected by analysts. ($1 = 3.6265 zlotys) (Reporting by Agnieszka Barteczko; Editing by Sunil Nair)

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