Unipetrol releases its 1Q05 consolidated CAS results today. The figures are of minor importance as the company already released unconsolidated figures for its major subsidiaries on April 29. The y/y consolidated performance improvement is driven mainly by Chemopetrol, Spolana, and Benzina. Only Unipetrol rafinerie posted significantly worse 1Q results compared to the same period in 2004, reflecting its poor trading margins. The performance of Chemopetrol was supported in terms of capacity utilization and pricing power by relatively strong demand for olefins and polyolefins; the situation was similar for Spolana in the case of plastics. Cost cuts across the holding, largely focused on overhead expenses, further improved the y-o-y profitability comparison. Note that the stock is on our Restricted list.