Unipetrol main subsidiaries posted disappointing results, as Ceska rafinerska ended the quarter with pre-tax profit of CZK –0.68 bil., and Chemopetrol CZK –0.16 bil., while we expected CZK –0.39 bil. loss for Ceska rafinerska, and CZK 0.24 bil. pretax profit for Chemopetrol. Pressure on output prices is the main factor behind the poor profitability. Depressed margins affected also Kaucuk, which posted CZK 0,014 bil pretax profit, CZK 0.04 bil. below our forecast. Spolana and Benzina performed better than expected (pretax profit of CZK 0.056 bil, and CZK –0.027 bil., respectively). Paramo posted CZK 0.008 bil. pretax profit.
(Jiri Soustruznik)