Oil giant PKN Orlen is expected to reap the benefits of fat refining margins in the first quarter, as its net profit is expected to jump at least twofold.

According to a Reuters survey, Orlen's net profit for the period from January to March is expected to come in at around zl. 167 million, up from zl. 66 million a year ago.

Revenue is seen rising to zl. 3.93 billion from zl. 3.5 billion in the same period of 2002.

Orlen's net profit may even be higher, say analysts, as the average forecast generally does not include an expected 2002 dividend from the firm's mobile stake in operator Polkomtel, which is likely to be booked in the first quarter.

PKN will officially releases its first-quarter earnings later today

(WBJ 13.v.03)