Orlen Lietuva perfectly adjusted to favourable macroeconomic conditions. Net profit of the Company amounts to USD 195 million (EUR 172.4 million) after the first three quarters of this year. However financial results of third quarter are significantly lower than three months ago. This is due to both lower sales volumes due to repairs and partial shutdown of certain installations performed in the refinery and inventories level change, including revaluation to net realisable value due to falling crude oil prices, the company said in a statement.
"Orlen Lietuva continues to perform with extremely satisfying results. Nevertheless we pay special attention to changes of macroeconomic and market situation. We still need to observe developments, especially when we see that refining margins are lower than they used to be in the second quarter," said Ireneusz Fafara, CEO of Orlen Lietuva.
Orlen Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN Orlen has spent nearly USD 4 billion (EUR 3.54 billion) on the acquisition and further investments in the Mazeikiai refinery. PKN Orlen has never distributed any of Orlen Lietuva's profit as dividend, and has reinvested all financial resources available at the company in its development.
The Company's operations are still under influence of high logistical costs. Therefore PKN Orlen, as the only shareholder, undertook all accessible measure to restructure the Company and implement a strategy that enables Orlen Lietuva to adjust to market conditions: maximise the production and thus the economic effect whenever the market is favourable. And on the other hand introduced solutions could help to minimalise it, when the market is low.
PKN Orlen is a modern player on the fuel and power market, the largest company in Central and Eastern Europe, and the only Polish company listed among the prestigious Fortune 500. Furthermore, Orlen is the only company in the region to have been named The Most Ethical Company of 2015 by the US Ethisphere Institute.
