(foxbusiness) -- Poland's largest
refiner PKN Orlen SA (PKN.WA) expects its first-quarter operating profit to
reach about 900 million zlotys (USD282 million), down 33% from a year earlier,
the company said Thursday in a preliminary estimate of its earnings.
Orlen said the impact of higher sales volumes offset the negative impact of the
tough macroeconomic environment in which Europe's refineries now
Higher crude oil prices, which increased the value of PKN
Orlen's mandatory oil reserves, are expected to increase operating profit by
about PLN700 million, PKN Orlen said.
Sales volumes rose 2% on the year,
boosted by retail sales and sales of petrochemicals.
Throughput of crude
rose 4% on the year in the first quarter, driven by increased utilization at
PKN's Plock refinery, mainly its PX/PTA petrochemical complex, and its Czech