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Poland's Lotos Q4 net profit more than doubles

Polish fuel group, Lotos, said quarterly net profit more than doubled, in line with expectations, thanks to surging crude oil prices that boosted reserve valuations.

Poland's second-largest refinery posted fourth-quarter earnings of 231 million zlotys ($98.3 million) versus an average forecast of 227 million zlotys ($97 million) in a Reuters poll of eight analysts.

Lotos' reserve revaluation - made possible thanks to crude prices LCOc1 surging over 50%year-on-year -- contributed the majority of the group's operating profit of $68 million.

However Lotos's retail chain, which analysts had hoped would break even in Q4, showed an operating loss of 26 million zlotys ($11 million).

The group's full-year net profit, at 764 million zlotys ($376 million), beat the company's forecast by 7%. (Reuters)