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PKN Orlen swings to profit in Q2

PKN Orlen SA said its second-quarter normalized net income came to 2.35 zlotys per share, compared with the S&P Capital IQ consensus estimate of 2.58 zlotys per share.

The per-share result swung to a profit from the prior-year loss of 62 groszy.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.01 billion zlotys, compared with a loss of 265.8 million zlotys in the prior-year period.

The normalized profit margin rose to 4.1% from negative 0.9% in the year-earlier period.

Total revenue declined 13.5% on an annual basis to 24.78 billion zlotys from 28.65 billion zlotys, and total operating expenses fell 20.2% year over year to 22.73 billion zlotys from 28.49 billion zlotys.

Reported net income came to 1.37 billion zlotys, or 3.19 zlotys per share, compared with a loss of 5.20 billion zlotys, or a loss of 12.15 zlotys per share, in the prior-year period.

As of July 23, US$1 was equivalent to 3.75 zlotys.