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UNIPETROL reports net profit of CZK 406m in Q1

15
May '08
Modernisation, rebranding and strong marketing promotion of Benzina keeps the retail segment on the way up both in terms of sales and profits

In the first quarter of this year UNIPETROL's business was kept under continuous pressure of negative external factors, such as rapidly rising prices of crude oil, further shrinking of petrochemical margins and decreasing USD and EUR exchange rates.

In spite of that, the company was able to stay profitable and reports net earnings of CZK 406m. This result means however a significant drop compared with Q1 2007. Quarterly revenues amounted to CZK 22.149bn, which means a y/y increase of 7%.

Highlights of Q1 2008

The difference in external environment was especially apparent in the y/y comparison because macroeconomic and market conditions were extremely favourable in the first quarter of last year, unlike the situation in the first three months of this year. The refining segment's results were lowered by increased crude oil prices (Brent went up by USD 39/bbl compared with the year before).

The petrochemical segment was hit by rising feedstock prices, which were not compensated by the development of selling price. Also exchange rate changes had an unfavourable impact on the current financial results (year-on-year decrease by CZK 4.3/USD and CZK 2.47/EUR).

“We were just in time to complete asset optimisation and internal restructuring. Putting the company in the right shape in times when the markets were up gave us enough strength to overcome hard times,” says François Vleugels, UNIPETROL CEO.


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