Warsaw—Higher refining margins in the third quarter have boosted the profits of two of Europe’s biggest refiners, Poland’s PKN Orlen and Finland’s Neste Oil. PKN, Poland’s largest refiner, posted a slightly higher-than-expected Zloty 1.37 billion ($430 million) net profit in the third quarter due to the improved margins, it said October 25. The state-controlled company made a net loss of Zloty 249 million in Q3 2011 and rebounded from a net loss of Zloty 5.2 million in the second quarter. The result was 3.4% above the market consensus.
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