Most of Unipetrol´s subsidiaries were loss-making in 1-3Q02

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Investiční bankovnictví KB

      Unipetrol announced financial results for 1-3Q02. Most of its subsidiaries showed losses. The worst appeared Spolana Neratovice, which was severally hit by August floods. Spolana showed loss of CZK 213m and operating loss of CZK 118m. The company’s financial performance worsened even compared to the first half of 2002. Compared to this period, operating and bottom line level performance worsened by CZK 200m. Ceske Rafinerska also announced weaker financial results particularly at the operating level. The company slipped from a profit of CZK 61m to a loss of CZK 811m. Chemopetrol also remained in red numbers. However, the results do not look than bad compared to Ceska Rafinerska or Spolana. Kaucuk and Paramo have kept their trend of improving results in 2002, financial results of Benzina slightly worsened.

       The financial results of Unipetrol were negative influenced by combination of several factors. Development of prices of inputs and outputs, strong domestic currency and August’s floods. Nevertheless, the results beat our expectations and we consider them as positive surprise. However, the negative effect of floods will also influence the financial results in the last quarter of 2002.

      

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