The company attributed these results to adjustments for the negative impact of maintenance shutdowns in the third quarter amounting to CZK1.2 billion, as well as the CZK449 million impact of the sale of the Kaucuk plant and an impairment charge of almost CZK2.5 billion.
However, without these charges, the company’s profit was up 167% in the third quarter of 2007 to CZK2.4 billion, compared to CZK901 million the same period of 2006. Net profit excluding one offs in the first nine months of 2007 stood at almost CZK5.5 billion, up 99% compared to CZK2.8 in the same period of 2006.
Unipetrol attributed the increased earnings excluding one offs to a continuous improvement in internal efficiency and profitability in all segments for the entire year, supported by favorable market and macroeconomic conditions.
Despite the loss incurred by its refining division, the company said that its strategy of modernizing and re-branding its network of petrol stations is going according to plan. So far 129 stations have been re-branded, of which 66 were upgraded to Benzina Plus, said Martin Durcak, executive of Benzina, Unipetrol’s retail unit.
