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PKN Orlen profit misses consensus by 63.4% in Q3

PKN Orlen SA said its normalized net income for the third quarter was 1.48 zlotys per share, compared with the S&P Capital IQ consensus estimate of 4.06 zlotys per share.

EPS rose 59.5% year over year from 93 groszy.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 634.4 million zlotys, a gain of 59.6% from 397.4 million zlotys in the year-earlier period.

The normalized profit margin rose to 2.7% from 1.4% in the year-earlier period.

Total revenue declined 19.5% on an annual basis to 23.47 billion zlotys from 29.16 billion zlotys, and total operating expenses decreased 20.9% on an annual basis to 22.29 billion zlotys from 28.17 billion zlotys.

Reported net income rose 47.8% from the prior-year period to 795.0 million zlotys, or 1.86 zlotys per share, from 538.0 million zlotys, or 1.26 zlotys per share.

As of Oct. 22, US$1 was equivalent to 3.83 zlotys.