EARNINGS POLL-Unipetrol Q3 net seen doubling on fatter margins

    * Unipetrol Q3 earnings 
    * Nov 9, 12 a.m. (1100 GMT) 
    * Net profit average forecast 1.23 billion Czech crowns 
($56.2 million) 
     
    By Jan Korselt and Marek Petrus 
    PRAGUE, Nov 7 (Reuters) - Net profits at Czech oil processor 
Unipetrol Holding <UNPEsp.PR> were forecast to more than double 
in the third quarter, as margins rose after crude oil prices 
declined, a Reuters survey showed on Tuesday. 
    Seven analysts predicted the unit of Polish oil refiner PKN 
Orlen <PKNA.WA> would report net profit of 1.23 billion crowns 
for July-September, after earning 0.55 billion a year before. 
    "I expect strong earnings from Unipetrol. Petrochemical 
margins have been pretty good after the crude oil price decline 
since the middle of August," Tamas Pletser, analyst at Erste 
Bank said. 
    Crude oil prices <OILOIL> have fallen by more than 20 
percent to some $60 a barrel since peaking at record highs in 
August. 
    Unipetrol Chief Executive Francois Vleugels told Reuters 
last month the company's margins had been "better than anyone 
expected". 
    Analysts also expected the revival at Unipetrol's fuel 
retailer Benzina to continue after its 255 million crown 
first-quarter loss hurt the group's profits early this year. 
    "Benzina should report a seasonal improvement in 
profitability in the summer period," said Pletser. 
    Last month, Unipetrol unveiled a 1.3 billion crown 
investment plan to revamp Benzina and help it turn in a net 
profit next year, after showing profit on the level of earnings 
before interest and tax (EBIT) this year. 
    The company's stock has lost 9 percent in the year to date, 
underperforming the Prague bourse's blue-chip PX index <.PX> 
which has gained 5.5 percent. 
    Unipetrol shares trade at around 10 times this year's 
projected earnings, a premium to parent PKN stock which trades 
at just over 8 times, according to Reuters Estimates. 
    PKN Orlen holds 63 percent of Unipetrol, which is involved 
in crude oil refining, petrochemicals and fuel distribution. 
    Following is a summary of analyst expectations (figures in 
billions of crowns): 
     
 Q3/06                Average   Median    Q3/05         Range 
 REVENUES             26.88     26.10     30.00      23.00-32.47 
 OPERATING PROFIT      1.79      1.68      1.03       1.25- 2.79 
 NET PROFIT            1.23      1.13      0.55       0.85- 1.90 
     
    NOTE: Net profit and operating profit estimates are based on 
responses from seven analysts; five analysts predicted revenues. 
    The following equity houses took part in the poll: 
    Atlantik FT, BH-Securities, CA-IB, Erste Bank/Ceska 
Sporitelna, KBC Securities/Patria Finance, UBS, WOOD & Company. 
     
 ((Editing by David Holmes; Reuters Messaging: 
rm://marek.petrus.reuters.com@reuters.net; e-mail: 
prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: 
+420 224 190 477)) 
 
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  Keywords: CHEMICALS CZECH UNIPETROL