EARNINGS POLL-Czech Unipetrol Q2 net profit seen up 19 pct

...billion crowns ($73.1 million) 
     
    By Jan Korselt 
    Czech oil group Unipetrol 
 is expected to post a 19 percent increase in net 
profit in the second quarter, fuelled by favourable conditions 
in both the petrochemical and refining markets, a Reuters poll 
of analysts showed on Thursday. 
    Six analysts in the survey gave an average estimate for net 
profit of 1.50 billion crowns against 1.26 billion in the second 
quarter last year. 
    Revenues are estimated to have decreased by 3 percent to 
24.23 million crowns, but the year-on-year comparison will be 
distorted by the divestment of chemical maker Spolana  
at the end of last year. 
    Analysts say the unit of Poland's PKN Orlen  will 
announce another stellar quarter after a record net profit of 
1.56 billion crowns in the first three months, underpinned by 
improving margins and sales in all segments. 
    "The main driver for the year-on-year rise could be the 
positive development in the petrochemical segment, which has a 
share of more than 78 percent on operating profit," said Petr 
Novak, an analyst at Czech brokerage Atlantik FT. 
    "Also the refinery margins were strong in the second 
quarter, (and) we believe that the retail segment will continue 
its positive development started in the first quarter, driven by 
the restructuring of the Benzina petrol stations," he added. 
    Operating profit was estimated to have risen by 17 percent 
to 2.13 billion crowns. 
    The results will include an impairment charge related to 
rubber maker Kaucuk. Unipetrol agreed to sell the unit in 
January but closed the deal only in the middle of July. The 
company consolidated Kaucuk in the quarterly numbers, but they 
will not be included in full-year results. 
    The one-off charge related to Kaucuk adjustments and 
depreciation will exceed by several hundred million crowns the 
impairment charge of 450 million crowns booked in the first 
three months, the company said on Wednesday, sending its shares 
lower by more than 3 percent. 
    Earlier, Unipetrol had said it expected a charge at a 
similar level to the first quarter's. 
    Its shares have risen by 12 percent since mid-May when the 
company released financial results for the first quarter, 
outperforming the Prague Stock Exchange's main index , 
which has been roughly flat over the same period. 
    The stock traded at more than 11 times this year's projected 
earnings, around one percentage point below Hungarian peer MOL 
 and at similar level as parent PKN. 
     
    Following is a summary of analyst forecasts (figures in 
billions of crowns): 
    Q2 2007             Average   Median     Q2/06       Range 
 Sales               24.232    24.067    24.679   23.793-25.000 
 Operating profit     2.127     2.132     1.824    1.807- 2.430 
 Net profit           1.495     1.502     1.259    1.356- 1.588 
    NOTE - The following equity houses took part in the poll: 
    Atlantik FT, BH-Securities, KBC Securities/Patria Finance, 
Erste Bank/Ceska Sporitelna, UniCredit Global Research, Wood & 
Company. 
     
 ($1=20.46 Czech Crown) 
  Keywords: UNIPETROL RESULTS  
    

[PRAGUE/Reuters/Finance.cz]