July 17, 2019 / 12:20 PM / a month ago

EARNINGS POLL-Polish refiner PKN's Q2 net profit seen down 31% y/y

    * PKN Q2 results due July 19 before market opens
    * Net profit seen down at $316 mln 

    WARSAW, July 17 (Reuters) - Poland's biggest oil refiner PKN
Orlen          is expected to report a 31% drop year on year in
second-quarter net profit due to an impairment related to the
value of oil inventories, a Reuters poll showed on Wednesday.
    The state-controlled refiner's second-quarter net profit is
forecast at 1.21 billion zlotys ($315.72 million), according to
the average estimate of eight banks and brokerages, compared to
1.74 billion zlotys a year ago, when results were boosted by
compensations.
    This would put PKN net profit for the first half of 2019 at
2.06 billion zlotys. 
    Earnings before interest, tax, depreciation and
amortisation, excluding the impact of impairment and costs of
oil inventories (EBITDA LIFO), are forecast to rise by 7% to 2.3
billion zlotys.
    Analysts have assumed no negative impact from refining
contaminated oil from Russia at Orlen's refineries or the
effects of suspending tainted oil supplies from the east. 
    
    The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):

 SECOND QUARTER OF 2019
              Net profit   EBITDA LIFO    EBITDA      Sales
 Average        1,212       2,276         2,248      28,365
 Median         1,190       2,256         2,150      28,262
 Lowest           947       2,085         1,964      26,500
 Highest        1,498       2,480         2,652      30,283
 No. of             8           6             7           8
 forecasts
 Q2 2018        1,744       2,127         3,063      26,701
 Q1 2019          849       2,014         1,829      25,246
    
Forecasts provided by: Trigon DM, DM BDM, DM mBank, DM BOS,
Haitong Bank, UBS, Erste, Ipopema Securities.
($1 = 3.8008 zlotys)

 (Reporting by Agnieszka Barteczko; Editing by Alan Charlish)
  
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