Grupa Lotos (LTS.WA) should this year improve its operating performance on an annual basis thanks to tight cost management and gains from hedging transactions, the company's chief executive said Thursday.
In 2007, Lotos operating profit was 719 million zloty ($328.3 million).
"Thanks to cost management and gains from hedging transactions we remain optimistic about the remainder of the year," Pawel Olechnowicz told a news briefing.
Earlier Thursday, Poland's second-largest oil refiner and retailer by output said first-quarter net profit surged to PLN267.9 million from PLN56 million on gains from hedging transactions and crude oil inventories.
Olechnowicz said that operating performance in the remainder of the year would improve thanks to Lotos' retail operations, which are now being restructured.