Czech downstream oil group Unipetrol reported a 50% rise in first quarter net profit on Friday, in line with market expectations.

Net profit was 464 million Czech crowns ($28.57 million), compared with an average estimate for a profit of 465 million crowns by analysts in a Reuters poll, who said the bottom line will be buoyed by a steep rise in oil prices.

Revenue rose 28% year on year to 23.088 billion crowns, just above estimates for 23.03 billion. Operating profit was 571 million crowns, below 584 million in the Reuters poll.

The petrochemical group, 63%-owned by Poland's PKN Orlen, had flagged in a trading statement last week it would report stronger first-quarter operating profit than in the same period last year due to higher oil prices.

The refinery group also said that adjusted for oil reserves and oil products revaluations, operating profit would be slightly negative. The results also showed earnings per share attributable to the company shareholders rose to 2.56 crowns from 1.70 crowns a year ago.