Unipetrol’s main subsidiaries should report their 9M CAS figures today (we expect them in the early afternoon). The refineries (Cesky rafinerska, Paramo) have improved their performance y-o-y mostly due to stronger refinery margins (peaking in Q1 2003). Chemopetrol (olefin, polyolefin producer) and Kaucuk (plastics) should show y-o-y improvement as well. Benzina, a highly leveraged fuel retailer operating on the competitive domestic market, continues to struggle to show a profit on net level, and we expect Spolana (PVC producer) to remain loss-making due to ongoing restructuring.
As Unipetrol stock is a pure “privatization buyout” play at the moment (with privatization expected to be closed in March 2004), the results, unless dramatically off expectations, will have little impact on the share price.
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