Grupa Lotos to post 2003 profit of at least zł. 200 million

Grupa Lotos, formerly known as Rafineria Gdańska, the second largest national refinery, has recorded a net profit of zł. 200 million after nine months of 2003, as compared to a forecasted net profit of zł. 75 million by the end of the year. "Our financial projections for the year have been modified. We plan to secure a profit of at least zł. 200 million," said Lotos spokesman Marcin Zachowicz. He also confirmed unofficial reports concerning a planned listing of company shares on the Warsaw Stock Exchange. According to an initial schedule, the company will publicly offer a majority stake in the fourth quarter of 2004. This will leave the State Treasury with a 40% share in the refiner. The sale will take place after Lotos acquires three smaller refineries, Jasło, Czechowice, and Gorlice, in the first quarter of next year. (Puls Biznesu, p. 10) A.K.