Unipetrol reported revenues of CZK49.23 billion for the first half of 2008, an 8% increase year-on-year. Unipetrol has said it suffered from high crude oil prices, low petrochemical margins, and a strong Czech currency in the second quarter of 2008.
Earnings before interest, taxes, depreciation and amortization decreased 47% to CZK3.19 billion in the first half of 2008, compared to CZK6.06 billion for the first half of 2007.
Earnings before interest and taxes decreased 67% to CZK1.49 billion in the first six months of 2008, compared to CZK4.49 billion for the first six months of 2007.
Francois Vleugels, CEO of Unipetrol, said: We came through a very difficult period in the first half of 2008. We had to face historical growth of crude oil prices together with record speed of strengthening of the local currency. Now we see a chance for improvement, oil prices are going down and exchange rates also seem to stabilize. However, the macroeconomic development is still hard to forecast.
