Investment costs fail to dent Lotos' Q2 results

"We could have done much better but for the costs of the renovation of our Gdańsk-based plant", said Pawł Olechnowicz, Lotos Group's CEO. He also confirmed that the consolidated profit in 2005 is expected to be at about zł.404 million. The company's refineries in the North are very profitable, as opposed to the Jasło and Czechowice refineries located in the South. The first is to be turned into recycling center, the latter into a production and distribution unit. According to analysts, the Lotos group is progressing well thanks to its cost cutting strategy together with the zł.900 million raised from its IPO for investments. (Puls Biznesu, p. 8) J.J.