Grupa Lotos with higher operating loss

Poland’s second-largest oil company Grupa Lotos recorded a consolidated net loss of PLN 122.5 million in the second quarter of 2014 compared to PLN 126.1 million a year earlier, the company said on Tuesday. Analysts polled by the Polish Press Agency had expected the result to be a PLN 77 million net loss. The company’s operating loss was PLN 415 million in Q2 2014 compared to PLN 100.3 million in the red a year earlier. Operating loss calculated according to the LIFO method was PLN 424.5 million compared to PLN 14 million in Q2 2013. The sales revenue of Grupa Lotos amounted to PLN 7.2 billion in the second quarter of 2014 compared to PLN 6.1 billion a year earlier. The company’s Gdańsk refinery processed 2.38 million metric tons of crude oil in the analyzed period compared to 2.27 million tons in Q1.