April 26, 2018 / 5:46 AM / 7 months ago

UPDATE 1-Poland's PKN Q1 net profit plunges 46 pct y/y, in line with forecast

(Adds details on results, outlook and finance)

WARSAW, April 26 (Reuters) - PKN Orlen, Poland’s top oil refiner, said on Thursday its first-quarter net profit slumped 46 percent year-on-year to 1.04 billion zlotys ($299.26 million), pulled down by lower margins and a stronger zloty.

Analysts had expected the state-run PKN Orlen to report a net profit of 1.02 billion zlotys in the first quarter compared with 1.92 billion zlotys a year ago.

PKN’s so-called EBITDA LIFO, or earnings before interest, tax, depreciation and amortisation, excluding the impact of impairment and costs of oil inventories, dropped 19 percent year-on-year to 1.89 billion zlotys in the first quarter, and came higher than the 1.78 billion zlotys expected by analysts.

The group said its refining margin fell to $4 per barrel in the first quarter from $5.3 a year ago, while in April it came in at $5 per barrel.

PKN’s total oil throughput in the first quarter increased by 8 percent, buoyed by refinery activities in Poland and Lithuania.

The group’s capex amounted at 802 million zlotys, while PKN sees its 2018 investment at 4.8 billion zlotys.

$1 = 3.4752 zlotys Reporting by Agnieszka Barteczko, Editing by Shri Navaratnam and Sherry Jacob-Phillips

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