July 20, 2018 / 7:04 AM / a year ago

Higher oil prices dent Unipetrol's profit

PRAGUE, July 20 (Reuters) - Czech refinery group Unipetrol reported on Friday a 19 percent drop in net profit in the second quarter as rising oil prices hurt refining margins.

Unipetrol, 94-percent owned by Poland’s PKN Orlen, said its net profit fell to 2.89 billion crowns ($130.19 million) as the margins in refinery decreased by a third.

A planned turnaround at Unipetrol’s Kralupy refinery also weighed on earnings in the quarter.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) on a LIFO (Last In, First 0ut) basis declined to 2.34 billion crowns from 6.54 billion in the same period last year.

PKN Orlen raised its stake in Unipetrol earlier this year. On Thursday, Unipetrol said its Polish owner had requested an extraordinary shareholder meeting to approve the squeeze-out of minority shareholders at 380 crowns per share.

The group’s shares closed at 375.5 crowns on Thursday. ($1 = 22.1980 Czech crowns) (Reporting by Robert Muller; editing by Emelia Sithole-Matarise)

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