RPT-EARNINGS POLL-Czech Unipetrol Q1 net profit seen up 39 pct

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* Unipetrol Q1 2007 earnings

* Tuesday, May 11, before 09:00 a.m. (0700 GMT)

* Average forecast is for 1.13 billion crown ($53.89 million) consolidated net profit and 23.8 billion crown revenues

By Jan Korselt

PRAGUE (Reuters) - Czech oil group Unipetrol is expected to post a 39 percent increase in net profit due to favourable conditions in both the petrochemical and refining sectors, a Reuters poll of analysts showed on Friday.

Six analysts in the survey gave an average forecast for net profit of 1.13 billion crowns ($53.89 million) against 814 million crowns in the first quarter last year.

Revenues of the subsidiary of Polish PKN Orlen should increase by 16 percent to 23.80 million crowns, the poll showed.

In the same period last year, Unipetrol earnings were depressed by an unplanned shutdown in its rafinery unit with extimated costs of 300 million crowns.

However, for the start of 2007 Unipetrol could profit from increased margins and good demand, helped for example at retail level by warm winter, analysts said.

"For the first time in a long time, Unipetrol will take advantage of the favourable enviroment," said Bram Buring, an analyst at Wood & Co.

Buring said the shares of Unipetrol could rise slightly if the results confirm the expected rebound in earnings. But, he added, the market will also keenly watch for futher information of the impact of planned shutdowns later this year.

The cash-rich company may also reveal new details of its acqusition drive or a possible dividend.

Unipetrol has said it would either expand its core businesses, which are petrochemical, refining and retail, or distribute its free cash to shareholders.

Shares of Unipetrol have risen 6.3 percent from the beginning of the year, lagging the Prague Stock Exchange's main index , which has risen 13.6 percent.

The stock traded on Friday at more than 12 times this year's projected earnings, with around a 2 point premium on its parent PKN and Hungarian peer MOL .

Following is a summary of analyst forecasts (figures in billions of crowns): Q1 2007 Average Median Q1/06 Range Sales 23.797 23.427 20.140 22.838-25.497 Operating profit 1.579 1.598 0.978 1.337- 1.750 Net profit 1.126 1.129 0.814 0.949- 1.259

NOTE - The following equity houses took part in the poll:

Atlantik FT, BH-Securities, Erste Bank/Ceska Sporitelna, KBC Securities/Patria Finance, UniCredit, UBS, Wood & Company. ($1=20.97 Czech Crown)

Keywords: UNIPETROL RESULTS/