PKN Orlen SA said its normalized net income for the first quarter came to 1.27 zlotys per share, compared with the S&P Capital IQ consensus estimate of 2.79 zlotys per share.
The per-share result swung to a profit from the prior-year loss of 15 groszy.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 542.4 million zlotys, compared with a loss of 62.6 million zlotys in the year-earlier period.
The normalized profit margin rose to 2.7% from negative 0.3% in the year-earlier period.
Total revenue declined 17.1% year over year to 20.00 billion zlotys from 24.12 billion zlotys, and total operating expenses fell 21.7% year over year to 18.81 billion zlotys from 24.04 billion zlotys.
Reported net income rose 1,081.3% on an annual basis to 756.0 million zlotys, or 1.77 zlotys per share, from 64.0 million zlotys, or 15 groszy per share.
As of April 23, US$1 was equivalent to 3.71 zlotys.