PKN Orlen's Q1 profits surpasses expectations

16-May-08

PKN Orlen has reported strong revenue growth for Q1 and net profits that have surpassed expectations, mainly due to due to soaring world oil prices. PKN has earned z?.626 mln in Q1, up from z?.49 mln a year ago. The spike in profitability was mainly due to soaring world oil prices, as well as to a revaluation of its inventory. Sales revenues jumped by nearly 34% in Q1 to z?.17.94 billion, driven by rising demand for diesel oil and by a booming market for fertilizers.