The stock of Poland’s oil giant PKN Orlen dropped yesterday on the Warsaw Stock Exchange shortly after the company released estimates of its Q2 financial results. The company failed to meet market expectations in the second quarter of the year, reporting it expects to make just PLN 400m in profits, while the market observers have been predicting it would manage to produce a total of PLN 570. The shortfall comes from inventory revaluation errors, the company claims; market analysts had underestimated Orlen’s current stock value. ”According to Orlen’s estimates, its deposits could reach PLN 900m in the second quarter of the year. We had been expecting just PLN 570m,” said Kamil Kliszcz from the BRE Bank brokerage office.
