Tuesday, 16 June 2009

Stormy meeting for Unipetrol?

Unipetrol, part of Poland's PKN Orlen, has had a tough time of it in recent months. Political interference at head office in Poland means every time there is a change of government in Poland, a new set of managers are appointed at Orlen.

This contributed to the resignation of Unipetrol's CEO, Francois Vleugels, earlier this year. He had been busy modernising the group, introducing current best practice in business planning and logistics.

I met Vleugels at EPCA last year and was impressed with the energy he was giving to bringing Unipetrol up to scratch.

Q1 results were pretty disastrous for the group which posted a net loss of koruna (Kc)190.3m ($9.6m/€7m) in the first quarter of the year as sales sharply declined. Unipetrol reversed the K389.5m profits it made in January-March 2008. Revenue for the first three months of this year declined 34.4% year on year to Kc14.5bn.

June 24 Unipetrol holds its annual shareholders' meeting - should be interesting. Then on July 21 Unipetrol is due to present a trading statement for the second quarter.

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