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UPDATE 1-Unipetrol sees Q1 opg profit up on last year

Published 04/21/2011, 02:34 AM
Updated 04/21/2011, 02:36 AM
CWN
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PTCH
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* Result seen boosted by exchange rate gains

* Refinery shutdown hit earnings

PRAGUE, April 21 (Reuters) - Czech downstream oil group Unipetrol expects to report stronger first-quarter operating profit than in the same period last year due to higher oil prices, it said in a statement.

Adjusted for oil reserves and oil products revaluation, operating profit is expected to be slightly negative, the company said.

In the first quarter of 2010, Unipetrol's operating profit was 517 million crowns ($93.57 million). In the fourth quarter 2010, the petrochemical group, majority owned by Poland's PKN Orlen, showed operating profit at 122 million crowns.

Exchange rate developments helped boost Unipetrol's result by 100 million crowns in the period, the company added in the statement.

However, the two-week temporary reduction of processing capacity at its Litvinov refining unit at the end of February is estimated to have a negative operating income impact of approximately 110 million crowns, Unipetrol said. ($1=5.525 Crown) (Reporting by Jan Korselt, writing by Jana Mlcochova; Editing by Jon Loades-Carter)

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