PKN Orlen Refiner Reports Q4 Loss
Poland’s fuel groupPKN Orlen posted PLN 276.5 million attributable net loss in Q4 2012, down from PLN 619 million profit in Q4 2011, Q4 financial report out Wednesday morning showed.
The net loss was alleviated by a decrease in the value of PKN Orlen’s foreign-currency denominated debt as the zloty has strengthened, reports Warsaw Woice. PKN Orlen had warned it expected to post a Q4 operating loss of PLN 0.7 billion including a PLN 0.7 billion impairment mainly against Orlen’s Czech unit Unipetrol.
PKN ORLEN is one of Central Europe’s largest refiners of crude oil and employs more than 22.000 employees. PKN operates 7 refineries, of which 3 are located in Plock, Trzebinia and Jedlicze (Poland), another 3 in Litvinov, Kralupy and Pardubice (the Czech Republic) and 1 in Mazeikiu (Lithuania). The total deep processing capacity of the refineries reaches 31.7 million tonnes per annum (PKN ORLEN share). In 2011 all the ORLEN Group refineries processed 27.8 million tonnes of crude oil.