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Grupa Lotos posts H1 net profit increase YOY

Poland's Grupa LOTOS Spólka Akcyjna reported first-half net income of 855.7 million Polish zloty, up from the 568.3 million zloty reported for the same period in 2017.

Total revenue for the half was 13.9 billion zloty, up from 10.9 billion zloty in the corresponding period in 2017. Operating profit increased to 1.3 billion zloty, from 749.4 million zloty a year ago.

The bulk of the upstream oil company's revenue was derived from its downstream business segment. Total sales for the half were pegged at 13.4 billion zloty, compared to 10.4 billion zloty in the first half of 2017. The upstream business segment saw a slight decrease in sales for the half with 487 million zloty reported, down from 493.6 million zloty posted in the same period in 2017.

As of Aug. 8, US$1 was equivalent to 3.67 Polish zloty.