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PKN Orlen says impairment to weigh on Q1 unconsolidated results

May 18/2017

MOSCOW (MRC) -- Poland's biggest oil refiner, state-run PKN Orlen recognised an impairment charge of 517 million zlotys (USD133.88 million) in its unconsolidated first-quarter financial results, related to the share value of unit ORLEN Lietuva, PKN said. 

The impairment will not have an impact on PKN's consolidated results that will be published on April 27, the company said.

"The reason to conduct impairment tests of ORLEN Lietuva shares, which result in the abovementioned impairment, is the pay-out of dividend by ORLEN Lietuva to PKN ORLEN in the amount of around 591 million zlotys in the first quarter," the company said in a statement.

PKN is expected to report a 466 percent year-on-year rise in first quarter net profit.

As MRC informed earlier, PKN ORLEN signed a contract with Saudi Aramco for the supply of ca. 200 thousand tonnes of crude oil monthly to its refineries.

PKN Orlen is a major Polish oil refiner and petrol retailer. The company is a significant European publicly traded firm with major operations in Poland, Czech Republic, Germany, and the Baltic States. It currently (2015) ranks 353, with a revenue of over USD33.8 billion.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, PKN Orlen, Poland.
Category:General News
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