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)