Vladimír Urbánek (Kurzy.cz)
Czech markets  |  April 29, 2011 09:11:33

Unipetrol: 1Q11 Results Solid meet market expectations


Unipetrol this morning reported its results for the first quarter of this year. All dates are announced precisely estimated. At the level of company sales reached CZK 23.1 billion (+28,0% y / y), which is fully in line with our and market projections. Operating profit before depreciation, EBITDA for 1Q11 CZK 1 379 million (+2.0% y / y), in line with our estimate and slightly below consensus market (-3.8%). EBIT rose by 10.4% (best result since 2Q10) and reached a level of CZK 571 million. The reported EBIT slightly exceeded market expectations (+1.8%) and our projection (5.1%). Net profit for the first quarter is CZK 464 million (50.2% y / y) and is higher than estimates of 1.8%.Unipetrol comment on a possible dividend. In this issue depends on the parent company PKN Orlen (63%). After a relatively weak results reported in previous quarters Unipetrol solid set of numbers, no negative surprises. Given that the reported results are consistent with the estimate, or slightly above it, waiting rather neutral or slightly positive market reaction. Unipetrol holds a conference call, which will be held today at 14.00 pm

million CZK

1Q11

1Q10

r / r

J & T

Kons

difference

Revenues

23 088

18 039

28.0%

22 994

23 039

0.2%

EBITDA

1379

1352

2.0%

1383

1433

-3.8%

margin

6.0%

7.5%

-1.5%

6.0%

6.2%

-0.2%

EBIT

571

517

10.4%

543

561

1.8%

margin

2.5%

2.9%

-0.4%

2.4%

2.4%

0.0%

Net profit

464

309

50.2%

456

456

1.8%


Source: Unipetrol, J & T Bank

Bohumil Trampota

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Unipetrol: Solidní výsledky za 1Q11 splnily očekávání trhu

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