PKN Orlen reported stronger-than-expected 2Q06 figures this morning, beating market consensus on both EBIT and net profit lines. IFRS consolidated net income came in at PLN 881m for 2Q06, down 67.6% y/y, but up 141.4% q/q. The figure beat the consensus forecast of PLN 788m some 12% (estimates ranged between PLN 617m–965m according to Reuters) and exceeded our own estimate by a moderate 3.5%. We expect to see a moderate positive market reaction.