Unipetrol’s consolidated CAS net income, net of minority interest (CZK 1.46 bil.), reported yesterday, was lower than we expected (CZK 2.12 bil.; no consensus was available). The consolidated EBITDA (CZK 4.9 bil.) and EBIT (CZK 2.34 bil.) were in line with our forecasts, which is not surprising since the consolidated forecasts were derived from subsidiaries’ 9M results which had been released earlier in October. The underperformance in consolidated net income is due to the company posting much smaller extraordinary income (CZK 0.42 bil. vs. our forecast of CZK 1.0 bil.) and due to higher than expected interest costs. Our view of the company’s operating performance remains unchanged and we do not expect the figures to have much impact on the stock.
(Ondrej Datka)