Lotos Q4 profit on the rise

WSE-listed fuel producer Lotos had PLN 303 million net profit in Q4, compared to negative PLN 391 million recorded last year. Company’s EBIT stood at PLN 734 million (70 percent growth y/y), while revenues from sales amounted to PLN 6.36 billion, representing a 12.5 percent y/y increase. The company also plans acquisitions in upstream segment. “We have to conduct an acquisition in the near future. We want to buy good projects to avoid problems with production decline in the future.” Lotos CEO Marcin Jastrzębski said.  The company hopes to finalize such acquisition by 2018 at the latest.