Unipetrol’s main subsidiaries released their H1 2001 CAS results yesterday. Ceska rafinerska performed better than we expected, its sales totaling CZK 24.2 bil. and net income CZK 779 mil. (in H1 2000, sales were CZK 23.7 bil. and net income was CZK 1,177 bil.). Although Benzina exceeded our expectations as well, it ended in the red; sales amounted to CZK 6.6 bil., with net income of CZK -12 mil. (sales CZK 7 bil, net income CZK 38 mil. in H1 2000). Chemopetrol disappointed due to low margins, with sales of CZK 12.6 bil., and net income of CZK 500 mil. (sales CZK 12.1 bil., net income CZK 666 mil. in H1 2000). Kaucuk did not fulfill our expectations either, with low margins again the reason; its sales were CZK 4.4 bil., and net income was CZK 136 mil. (sales CZK 4.1 bil., net income CZK 264 mil. in H1 2000). Paramo broke even: sales amounted to CZK 2.5 bil., and net profit reached CZK 44 mil. (sales CZK 2.9 bil., net income CZK -122 mil. in H1 2000).
Ceska rafinerska and Benzina re-gained some of its deteriorated pricing power in the second quarter 2001 due to improving domestic conditions. Their increased ability to pass-on input price movements to their customers was offset by margin worsening in Chemopetrol and Kaucuk (unfavorable exchange rate development, output prices lagging behind higher input prices). The overall performance of the Unipetrol group was slightly negative, though the stock did not react to the figures.
(Jiří Soustružník)