Unipetrol revenues drop more than 50% in second quarter

The oil company Unipetrol reported revenues of CZK 15 billion for the second quarter of 2020, a decline of more than 50 percent. Its operational profit fell by roughly two-thirds to CZK 584.7 million. Radically reduced demand in reaction to the restrictive measures taken to stop the spread of Covid-19 resulted in a fall in sales of refined petrochemical products of 40 percent to just over one billions tons, while the sale of petrochemical products dropped by a third to 286 million tons. Unipetrol says its EBITDA result for the quarter totaled CZK 3.9 billion as it accelerated investments 137 percent to CZK 3.9 billion. General director Tomasz Wiatrak said that given the turmoil caused by the pandemic and the heavy investments needed at its chemical plant near Litvinov, the results for the second quarter were "satisfactory."