RPT-EARNINGS POLL-Unipetrol 2006 net seen dropping on one-offs

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* Unipetrol 2006 earnings

* Results due March 1, 09:30 local time (0830 GMT)

* Average full-year net profit forecast 1.52 billion crowns ($70.66 million)

By Jan Korselt

PRAGUE (Reuters) - Net profit at Czech oil group Unipetrol is expected to have shrunk by more than half last year due to refinery shutdowns and one-off charges on disposals, a Reuters poll of analysts showed on Tuesday.

Six analysts gave an average profit estimate of 1.52 billion crowns ($70.66 million), down from 3.43 billion crowns in 2005.

However, revenues were expected on average to post a 14 percent year-on-year rise to 92.37 billion crowns.

Unipetrol, 63 percent-owned by Polish refiner PKN Orlen , is due to report 2006 results on Thursday.

Analysts said last year's weak profitability was already discounted in the share price of the company, which is involved in crude oil refining, petrochemicals and fuels distribution.

"We do not expect a negative market reaction to the figures," said KBC Securities.

"The petrochemicals margin environment remained strong in the first quarter of 2007, which could boost the earnings of petrochemicals/chemicals," it added.

Last year, Unipetrol booked impairment charges worth a total of 2.1 billion crowns on the sale of its subsidiaries Kaucuk and Spolana, as well as an extra 324 million crown tax charge, which hurt the bottom line.

Its profits also fell due to a 17.6 million euro ($23.26 million) fine levied by the European Commission last year on Kaucuk. Refinery shutdowns cost the company an additional 400 million crowns, Unipetrol has already said.

Unipetrol spokesman Radek Nemecek said the results should reflect no other one-off items than those already announced.

Unipetrol shares have risen nearly 14 percent since it reported nine-month earnings in early November, outperforming a 7 percent gain in the Prague blue-chip PX index .

The stock trades at over 12 times this year's projected earnings, a premium to parent PKN's nearly 8 times, according to Reuters Estimates.

FY 2006 Average Median FY 05 Range

REVENUES 92.37 94.44 80.95 87.00-98.81 OPERATING PROFIT 4.23 4.37 5.28 2.78- 5.88 NET PROFIT 1.52 1.48 3.43 1.36- 1.72

NOTE: Net profit estimates are based on responses from six analysts; forecasts for operating profit came from seven analysts; five 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.

((Writing by Marek Petrus, editing by Will Waterman

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))

($1=21.51 Czech Crown) ($1=.7567 Euro)

Keywords: UNIPETROL/EARNINGS