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Orlen Lithuania's H1 net profit drops 12% in H1
BC, Vilnius, 21.07.2016.
Print version
Print versionPolish-owned Lithuanian oil company Orlen Lietuva said on July 21st that its first-half net profit in 2016 dropped by 12% year-on-year to 128 million US dollars (EUR 116.23 mln), attributing the decline to lower market and refining margins, reported LETA/BNS.
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"We managed to perform well in the second quarter and deliver high financial results," Ireneusz Fafara, the company's CEO, said in a press release.
First-half revenues fell by 27% to 1.545 billion dollars (EUR 1.402 b) and EBITDA slumped down by 34% to 134 million dollars (EUR 121.7 mln).
In the second quarter alone, the company's net profit declined by 21% year-on-year to 77 million dollars (EUR 69.92 mln) as revenue went down by 30 percent to 882 million dollars (EUR 800.87 mln).
The company, which is 100% owned by Poland's Orlen, posted a net profit of 208.3 million euros for the full year 2016, versus a loss of 104.6 million euros in 2014. Its annual revenue last year dropped by 33% to 3.64 billion euros.
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