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Polish refiner Orlen Q3 net profit at 188 mln zlotys, takes 3.53 billion writedown

Polish oil refiner Orlen's. thirdquarter net profit was greatly down to 188 million zlotys. ($ 45.7 million) amidst writedowns and toppling refining margins,. which struck core service, the company said on Wednesday.

The business's EBITDA LIFO, excluding writedowns, was available in at. 8.81 billion zlotys and the EBITDA at 4.96 billion zlotys,. broadly in line with price quotes provided by the company on Nov. 5. when it said it scheduled 3.53 billion zlotys in writedowns related. to its Orlen Lietuva and petrochemical sections.

The group's earnings in the third quarter was 67.94 billion. zlotys.

Unfavourable market and macroeconomic conditions negatively. impacted the refiner's petrochemicals business which tape-recorded an. EBITDA LIFO (incomes before depreciation and amortisation, internet. of the effect of crude rate motions on the value of. stocks) loss of 118 million zlotys, the business said.

On the refining side, the third-quarter EBITDA LIFO profit. fell by 72% to 520 million zlotys due to lower volumes,. decreasing refining margins and a stronger Polish zloty versus. the U.S. dollar.

The upstream section saw a quarterly EBITDA LIFO earnings of. 3.31 billion zlotys compared to a loss of 211 million zlotys a. year earlier, when the result was struck by a windfall tax of 3.0. billion zlotys.

The business said capital expenditures reached 20.8 billion. zlotys in the very first nine months of the year and that it further. cut the full-year spending plan by 2.3 billion zlotys to around. 33 billion zlotys.

This is approximately 5 billion zlotys less than estimated. at the start of the year. We concentrate on the most appealing. investments that will contribute to the development of the group's. value, Orlen's Chief Financial Officer was priced estimate as saying in. a press release.

(source: Reuters)