OREANDA-NEWS. November 02, 2010. MAZEIKIAI. Having optimized its activities and increased the capacity utilization up to 99%, the Company resulted in raising its revenue to 1.53 billion US dollars which is by 25% more compared to the same period in 2009 (1.23 billion dollars). Adverse effects of low refining margins and price differential (between the Ural and Brent crudes) as well as unfavorable logistics conditions had significant impact on the financial results of the Company – during the third quarter of the year 2010 AB ORLEN Lietuva sustained operating losses in the amount of 7 million US dollars (EBIT was negative).  Attempts to improve its performance efficiency yielded loss reduction by more than 80% compared to the third quarter of 2009 (36 million US dollars), reported the press-centre of ORLEN Lietuva.

Consolidated net profit for the third quarter in accordance with International Financial Reporting Standards (with reference to the historical value of property of AB ORLEN Lietuva) is estimated to be 9 million dollars. Nonetheless, the Company’s consolidated net loss during nine months of 2010 amounted to 28 million US dollars.  The existing macroeconomic, market and logistics conditions had adverse effects on the nine-month results.

- Though macroeconomic environment in the third quarter of this year became more favorable, if compared to the same period of the preceding year, it significantly changed to worse, if to compare to the second quarter of 2010 – in September, crude refining margin fell down to the lowest level from the beginning of year, said Ireneusz Fafara, General Director of Public Company ORLEN Lietuva. 

During the third quarter of the year, the Petroleum Refinery in Mazeikiai was operating at its full capacity. Better market conditions and absence of downtime and maintenance works contributed to the improvement in the capacity utilization by 9 % up to 99 % (comparing the third quarter of 2010 with the same period in 2009), while maintaining stable light product yield at 73 %.

During the third quarter of 2010, the Company’s throughput increased by 10 %, in comparison to the respective period of the previous year and by 7 % in comparison with the second quarter of the current year. During the mentioned period, 2.55 million tons of feedstock was refined, 2.48 million tons of which was crude oil. This was the largest feedstock processing over a quarter since the beginning of the year.