In first quarter of 2017 ORLEN Lietuva recorded:
- EBITA LIFO of USD 41,3 mln.
- Net profit of USD 42,8 mln.
- OL Sales revenue rising by 53 % (Y/Y)
- Important refinery turnaround during this period
ORLEN Lietuva refinery reached a USD 42,8 mln. net profit during first quarter of 2017. Biggest challenge during this period was a planned major turnaround in the refinery.
“At this time our biggest challenge was a planned turnaround in the refinery. But even during these intense conditions we managed to achieve good results with all major financial indicators higher compared to same period last year”, – said General Director of ORLEN Lietuva Ireneusz Fąfara.
Mr. Fąfara added that during turnaround procedure many third party contractors helped and it was a good case of Lithuanian and international companies collaborating on various tasks to achieve positive result.
Due to the turnaround, various lines in financial statement for first quarter are lower. ORLEN Lietuva refinery processed 8% less crude oil (2,205 mln. tones compared to 2,385 mln. tones same quarter last year).
Nevertheless oil products sales revenues were higher by 53% as result of favorable macro environment (increase of prices and cracks) and growing Inland sales volume by 6% this quarter compared to same quarter last year.
ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer. The Company permanently suffers from high logistical costs. Therefore PKN ORLEN, as the only shareholder, undertook all accessible measure to restructure the Company and implement a strategy that enables ORLEN Lietuva to adjust to market conditions: maximize the production and thus the economic effect whenever the market is favorable. And on the other hand introduced solutions that could help to minimalize it, when the market is low.
PKN ORLEN is a modern player on the fuel and power market, the largest company in Central and Eastern Europe, and the only Polish company listed among the prestigious Fortune 500. Furthermore, PKN ORLEN is the only company in the region to have been named The Most Ethical Company of 2014, 2015 and 2016 by the US Ethisphere Institute.