In third quarter of 2018, ORLEN Lietuva achieved:
• 1 500 M USD revenues;
• 73 M USD EBITDA LIFO;
• (-) 4 pp lower utilization of production assets as a part of market adjustment process.
ORLEN Lietuva remained profitable during 3nd quarter of 2018 despite market macroeconomic environment being very challenging. In this period Company’s EBITDA LIFO reached 73 M USD. The Company has also fixed positive net result of 45 M USD in the period of July-September (83,6 M USD after 9 months).
This result was achieved by continued improvement of sales in home markets. However, in order to adjust to the market situation, ORLEN Lietuva decreased its production and seaborne sales in line with it’s business effectiveness strategy. Therefore, sales volumes decreased by (-) 10% (y/y). In the same time, revenues increased by 30% (y/y) and reflected higher product prices caused mainly by higher crude oil prices.
“The market became extremely challenging, nevertheless ORLEN Lietuva remains profitable and positively contributes to the financial result of PKN ORLEN. Third quarter is also a period of important logistic activities, we extended cooperation with Lithuanian Railways as well as we inaugurated the reconstruction of tracks from Renge to Mažeikiai, which means that refinery will again have the shortest way for delivery of its products” - said Michal Rudnicki, General Director of ORLEN Lietuva.
ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition and further investments in the Mazeikiai refinery.