Czech Unipetrol expects to post EBIT loss in Q4 2012 on refining writedown.

By bne IntelliNews January 21, 2013
The leading Czech petrochemical and oil refining group Unipetrol expects to post a CZK 4.5bn (EUR 176mn) loss in earnings before interest and taxes (EBIT) in the fourth quarter of 2012 due to a writedown in the refining segment. "The reason is a decrease in asset values due to deteriorated external refining environment and the intention to sell certain refining segment," the company said in a statement. EBIT, excluding one-off impairments of fixed assets of the refining segment, is estimated to be nearly zero. The fourth-quarter EBIT includes also a CZK 130mn loss on the value of carbon dioxide emissions permits. On the other hand, the company's financial results were positively affected by a CZK 40mn foreign exchange gain in the period. In the third quarter of 2012, Unipetrol reported an EBIT profit of CZK 942mn, versus an EBIT loss of 128mn in the same period f 2011. Unipetrol, majority owned by Polish oil concern PKN Orlen, will report Q4 financials on January 23, 2013.
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