PKN Orlen to optimize employment, no cost-cutting plan in the works

WARSAW. INTERFAX CENTRAL EUROPE - Poland's top oil refiner PKN (23 PLN, 7,01%) Orlen is considering the optimization of the employment in the group, although no particular plan concerning employment adjustments and cost cutting is being prepared, PKN Orlen's spokesman Dawid Piekarz told Interfax on Friday.

"PKN Orlen is optimizing employment," Piekarz said, adding the company is also carrying out an update of costs and expenditures, but no particular cost-cutting plan is underway.

"We are adjusting our costs and expenditures on a regular basis, we are not preparing any particular cost-cutting plan," Piekarz said.

On Wednesday, PKN Orlen announced that it expects a net loss in the fourth quarter and full-year 2008 due to the weakening of the Polish currency and a significant decrease of oil prices in Q4 2008 that had a negative impact on the valuation of the company's inventories.

PKN Orlen added that the effects of the revaluation of inventories and loans denominated in foreign currencies due to differences in exchange rates are of non-cash nature, despite a significant influence on the results of the fourth quarter of 2008.

PKN Orlen will publish its fourth-quarter report on February 26.
 
Interfax