Home / Knowledge / News / Textiles / PKN ORLEN Petrochemical sales volumes up
PKN ORLEN Petrochemical sales volumes up
25
Aug '08
Substantial improvements in operating efficiency despite unfavourable macroeconomics boosted the Corporation's Q2 2008 results to record quarterly levels reported so far.

The PKN ORLEN Capital Group reported EBITDA of PLN 2,253m – up 20%, and a net profit of PLN 1,668m - up 47% compared to the same quarter last year.

The ORLEN Group's operating profit (EBIT) in Q2 2008 was PLN 1,646m, representing a PLN 350m (27%) increase compared to the same period last year.

The driving force behind this improvement in efficiency was the refining segment, which achieved sustainable increases in production volumes and quality. The Group's crude processing was up 22% to 7,342,000 tons.

Macroeconomic factors did not contribute positively to refining margins. Brent prices rose 76% compared to Q2, 2007, reaching $121/b. The Ural/Brent differential remained unchanged year on year. The model refining margin fell 42% compared to Q2, 2007 to $3.4 USD/b.

The refining segment's operating profit amounted to PLN 1,407m thanks to increased crude processing and improved refining efficiencies. This represents a 53% increase compared to the same period last year.

Very good results in the segment were reported by AB Mazeikiu Nafta, which increased crude processing by 64% compared to Q2, 2007. The Lithuanian company's sales volumes also grew substantially, positively impacting the segment's EBIT of PLN 355m.

The retail segment, which in Q2 operated under falling unit margin pressures and rising filling station operating costs, generated EBIT amounting to PLN 109m. Fuel sales volumes grew 18%, contributing PLN 53m, while non-fuel margins added PLN 22m.

In the reported period, the results of the petrochemical and chemical segments also came under pressure due to unfavourable macroeconomic conditions, primarily the PLN to EUR and USD exchange rates, as well as declining olefin and polyolefin margins.

Consequently, the petrochemical segment's EBIT was PLN 35m, with efficiency improvements of PLN 65m. The chemical segment reported a 6% increase year on year, generating PLN 73m. The model chemical margin remained unchanged year on year.

Sales results throughout the ORLEN Group improved significantly in Q2 compared to the same period last year.

Wholesale refinery product sales were up 1.28m tons (27%) year on year and amounted to 6,064,000 tons, with retail sales growing by over 200,000 tons (18%) year on year to 1,317,000 tons. Petrochemical sales volumes were up 7% to 848,000 tons. Chemicals reported an 11% decline to 393,000 tons.

PKN ORLEN SA

Must ReadView All

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Textiles | On 30th Mar 2017

Lok Sabha approves 4 supplementary GST legislations

The Lok Sabha has approved four supplementary Goods and Services Tax...

Courtesy: ShopKeep

Information Technology | On 30th Mar 2017

Shopkeep partners with software provider BigCommerce

ShopKeep, the cloud-based technology solution that transforms an iPad ...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search