Although the reported figures were below our estimate, their influence is limited, since the major subsidiaries reported their HI 2001 results last week. Their performance was influenced by the fact that Ceska rafinerska and Benzina re-gained some of its deteriorated pricing power in the second quarter due to improving domestic conditions. Their increased ability to pass-on the input price movements to their customers was more than offset by margin worsening in Chemopetrol and Kaucuk (unfavorable exchange rate development, output prices lagging behind high input prices), therefore the overall performance was slightly negative.
| CZK mil.||HI 0IA||HI 00A||change|
| Pretax profit||1,886||3,377||-44,2%|
| Net income||1,686||2,897||-41,8%|
| Net income net of minority interest||1,419||2,311||-38,6%|