UPDATE 2-Unipetrol posts 27% rise in 9-month net profit

(Adds analyst's comments, share price)

By Marek Petrus

PRAGUE, Nov 9 (Reuters) - Czech oil refiner Unipetrol <UNPEsp.PR> posted a 27-percent rise in nine-month net profits on Thursday, a result which some analysts said could disappoint investors.

Net profit at the company, majority owned by Poland's PKN Orlen <PKNA.WA>, rose to 2.91 billion crowns ($132.8 million) in the nine months from 2.29 billion crowns in the same period last year.

Operating profit before financing costs rose 17 percent to 4.48 billion crowns on revenue up 8 percent at 71.81 billion crowns.

"The results were in line with the market expectation at the top level and operating profitability," said Jan Schiesser, analyst at Atlantik FT.

"(But) as the net income disappointed market expectation, we expect the market to react slightly negatively to the results," he added.

The stock closed at 209.10 crowns on Wednesday. The market officially opens at 9:30 a.m. (0830 GMT).

The company, involved in crude oil refining, petrochemicals and fuels distribution, scheduled a news conference for 12.00 p.m. (1100 GMT) to detail the results.

Analysts had expected an improvement in Unipetrol's profitability, as petrochemical margins widened following a 20 percent decline in crude oil prices from record highs in August.

A Reuters poll of seven analysts gave an average net profit forecast of 1.23 billion crowns for the July-September quarter.

But Unipetrol did not release official figures for the third quarter alone and the market consensus forecast for the nine-month period was unavailable.

Earnings per share for the nine months increased to 16.06 crowns from 12.62 in the same period last year and profit attributable to shareholders was up 22.5 percent at 2.83 billion crowns.

Before the results Unipetrol shares were trading at about 10 times this year's projected earnings, while PKN shares have been trading at a prospective price to earnings multiple of eight, according to Reuters Estimates.

PKN Orlen, which holds 63 percent of Unipetrol, also reported results on Thursday, posting a surprise 4 percent rise in third-quarter net profits thanks to cost controls and higher retail margins.

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((Reporting by Marek Petrus, editing by Greg Mahlich;

Reuters Messaging: marek.petrus.reuters.com@reuters.net;

e-mail: prague.newsroom@reuters.com/marek.petrus@reuters.com;

tel: +420 602 317 651))

($1=21.91 Czech Crown)

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Keywords: ENERGY CZECH UNIPETROL