Poland PKN Q1 profit up on inventory value

摘要

Warsaw-Poland's largest refiner PKN Orlen posted April 29 net profit of Zloty 1.15 billion ($432 million) in the first quarter of 2011, up 88% from a year earlier as rising crude oil prices increased the value of its mandatory reserves. The value of its mandatory reserves rose by Zloty 474 million year on year to Zloty 889 million in the first quarter. Operating profit almost tripled to Zloty1.34 billion, but once adjusted for the impact of inventory valuation based on the LIFO accounting method, this stood at just Zloty 450 million.