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Unipetrol posted a net loss of around CZK 500m on average at the end of
the first half of 2009, extending the loss from the first quarter of
the year reported at CZK 185m, according to analysts polled by ČTK.
In the first half of 2008, Unipetrol made a profit of more than CZK
700m. Sales dropped by 37 percent year-on-year to around Kc31bn,
analysts said. Unipetrol made its offical anoouncemnet on its
results yesterday ( August 31) before the opening of
the Prague Stock Exchange.
A month ago, Unipetrol made public selected operating indicators for
the second quarter and said it expects a negative operating result
(EBIT). The first-half loss at the EBIT level should amount to more
than Kc450m, of which more then 70 percent was sustained in the second
quarter.
Production shutdowns alone accounted for an EBIT-level loss of Kc132m
in the second quarter from Kc300m expected in total for this period,
Petr Hlinomaz, an analyst of company BH Securities, said. "Margins on
the EBIT level will thus drop year-on-year from 3 percent to minus 1.3
percent in the first half," Hlinomaz said.
Operating result before write-offs (EBITDA) should be positive,
according to all the polled analysts, and amount to Kc1.2bn. However,
the result is almost Kc2bn lower year-on-year. "The main reason
behind (the expected loss) is a drop in demand for refinery
products caused by the current recession and generally low margins in
the refining industry," Dean Brabec from company Arthur D. Little told
CTK. "However, the value of Unipetrol's shares reaches very
favourable levels despite the expected negative economic results of the
company," Brabec said.
On Tuesday, Unipetrol shares closed trading on the Prague bourse at
more than Kc145, which is a drop of only 3 percent compared with the
beginning of the year. Still a week ago, the drop amounted to around 16
percent. "But the share price is pulled by the positive
development on stock markets abroad and the current speculations about
the sale of PKN Orlen's stake in Unipetrol," Brabec said.
According to Unipetrol's estimates from July, sales of petrochemical
products fell by 12 percent year-on-year in the second half of this
year, and sales of fuels and other refinery products were 6 percent
lower. Petr Novak, an analyst of company Atlantik FT, said only petrol
stations chain Benzina will report an operating profit within
Unipetrol. The group said in July that Benzina's sales fell by 1
percent year-on-year.
All the analysts agreed that sales in the second quarter increased
compared with the first quarter as a result of a growth in oil prices.
"For the third quarter, we expect a certain increase in margins in the
petrochemical industry, which could improve economic results of the
group in this period. We are also waiting for the impacts of
restructuring in the following quarters," Novak said.
Unipetrol focuses on oil processing, fuels distribution and
petrochemical production. In 2005, the company became part of the PKN
Orlen group which is the largest oil refining company in Central
Europe. Unipetrol ranks among the largest companies in the Czech
Republic in terms of turnover and employs more than 4,000 people. Last
year, Unipetrol made a consolidated net profit of Kc65m, a year-on-year
drop of 95 percent. Sales rose by 11 percent on the year to Kc98.144bn.
PetrolWorld 010909
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