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Unipetrol says cheaper oil, FX could help profit

The performance of Czech oil processing group Unipetrol could improve in the rest of 2008 on the back of lower oil prices and stabilization of foreign exchange rates.

“Now we see chances of an improvement - oil prices are falling, and on the top of that it seems that exchange rates are stabilizing," Chief Executive Francois Vleugels said in a statement.

Unipetrol, which reported an 80% drop in second-quarter net profit, did not alter its original forecast of full-year 4.8 billion crown ($302.2 million) operating profit, which the company had earlier said was “optimistic.” (Reuters)