Energy, Lithuania, Oil, Transport

International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 09:34

ORLEN Lietuva ends Q2 in the black

BC, Vilnius, 30.07.2020.Print version
ORLEN Lietuva, a Lithuanian company owned by Poland's largest oil group ORLEN, posted 25.1 million euros in net profit in the second quarter 2020 after suffering a loss of 137 million euros in the first quarter, informs LETA/BNS.

ORLEN Lietuva incurred a loss of 112.5 million euros in the first half of this year, and its revenue stood at 491.7 million euros, down 59 percent from the same period last year, the company said in its Q2 financial report.

Michal Rudnicki, head of ORLEN Lietuva, says the company tried to adapt to changing market conditions during the second quarter.

"We had to search for agility solutions to adapt to changes and turmoil in the crude refining markets. All efforts and commitment allowed us to alleviate financial results of the company and we closed the second quarter of this year with a profit," he said.

Despite huge competition in global fuel markets, restrictions and lockdown imposed in relation to COVID-19, the sales of petroleum products in all markets grew in the second quarter, compared from the first one, by 6 percent on average. The sales of gasoline and diesel fuel in the Baltic markets grew by 49 percent.

Furthermore, due to decreased refinery capacity (refinery capacity utilization was lower by 7.3 percentage points), sales in other markets and seaborne sales decreased by 15 percent. 

ORLEN Lietuva's investments (Capex) amounted to 14 million euros in the second quarter.

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