Grupa Lotos to ‘improve’

7th May 2010

Poland’s second biggest oil company Grupa Lotos promised to bounce back after it posted disappointing first-quarter results.

Mariusz Machajewski, the chief financial officer of the Polish oil giant, pledged that the company would improve after it revealed that net profit came to PLN 25.5 million, well below the market forecast of PLN 52 million.

“The next quarters should be better, in respect to operating levels,” Mr Machajewski told reporters, adding that this depended on nothing exceptional happening.

Mr Machajewski emphasised the positive, despite the unexpected news pushing the company’s share price down by 2.1 per cent.

“Taking into account macroeconomic factors, ...