PKN Orlen, Polish Refiner, Posts Second-Quarter Net Loss on Weaker Zloty

PKN Orlen SA, Poland’s largest oil refiner, reported a second-quarter net loss of 5.25 million zloty ($1.66 million), compared with a profit of 1.17 billion zloty a year earlier, as the weakening zloty increased the cost of its foreign currency denominated debt, offseting the positive effect of rising refining margins and oil prices.

The mean estimate of eight analysts surveyed by Bloomberg called for a profit of 178.9 million zloty.

Earnings before interest and taxes rose to 1.12 billion zloty from 660.9 million zloty.

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