October 22, 2019 / 11:54 AM / 23 days ago

EARNINGS POLL-Polish oil refiner PKN's Q3 net profit seen down 28% on year

    * Q3 results to be released Oct 24 before market opens
    * Net profit seen down at $388 mln 

    WARSAW, Oct 22 (Reuters) - Poland's biggest oil refiner PKN
Orlen          is expected to report a 28% drop year-on-year in
third-quarter net profit due to higher financial costs, a
Reuters poll showed on Tuesday.
    The state-controlled refiner's third-quarter net profit is
forecast at 1.49 billion zlotys ($387.94 million), according to
the average estimate of eight banks and brokerages.
    This would put PKN net profit for the first nine months of
2019 at 3.94 billion zlotys. 
    Earnings before interest, tax, depreciation and
amortisation, excluding the impact of impairment and costs of
oil inventories (EBITDA LIFO), is forecast to rise by 31% to
3.15 billion zlotys, thanks to high throughput of oil and lower
gas prices.

    The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):

 THIRD QUARTER OF 2019
              Net profit   EBITDA LIFO    EBITDA      Sales
 Average        1,492       3,148         2,918      29,488
 Median         1,431       3,168         2,893      29,634
 Lowest         1,172       2,993         2,667      26,573
 Highest        2,099       3,264         3,300      31,720
 No. of             8           4             7           7
 forecasts
 Q3 2018        2,063       2,405         2,984      30,344
 Q2 2019        1,602       2,732         2,949      29,228
    
Forecasts provided by: RCB, Trigon DM, DM mBank, Pekao IB, UBS,
Ipopema Securities, BOFA, DM BOS SA. 
($1 = 3.8408 zlotys)

 (Reporting by Agnieszka Barteczko; Editing by Bernadette Baum)
  
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