The results of Grupa Lotos. Growing profitability of the refinery in Gdansk – Money.pl

2015-05-12 11:37

Author: (ISBnews) (DS)

Paweł Olechnowicz, president of Lotos [Photo: Reporter Poland]

Growing profitability of the refinery Grupa Lotos. Model margin was 7.87 in April, the dollar per barrel. That’s almost 20 percent more than last year. Despite this, the group recorded five quarters of losses.

The model refining margin Lotos Group amounted to $ 7.87 / bbl in April 2015. Against USD 10.32 / barrel in March and 6.4 USD / bbl a year in March 2014., the company said.

“In the first quarter of this year, the load Gdańsk refinery installations were adapted to favorable market situation” – reads company. The use of nominal processing capacity amounted to almost 93 percent. The refinery has worked steadily, keeping crude oil processing at the level of 2 379.2 thousand. tons.

The latest results show an increase in margin of nearly 19 percent. compared with the same period last year. Since January lotus notes high values ​​of model refining margin. The company reached a record level in March this year. (10.32 USD / bbl) – reads.

This data is not particularly convinced by stock market investors. Share price fell before noon, about 1.5 percent. Year on year the losses of shareholders exceeds 15 percent.

Despite the growing refining margin Lotos Group’s results after the first quarter leave much to be desired. The loss exceeded 100 million zł. Moreover, under the dash on the net level results they are continuously in five quarters.

In order to improve the efficiency of the management group is working on a new development strategy. – Definitely will be going on interesting things in development in Grupa Lotos this year, including optimizing the structure of the efficiency groups, so as to prepare it for a fact that the strategy for the period 2016-2020, which is in September, I hope we give to the market, you can was smoothly implement “- said the president Pawel Olechnowicz at a press conference at the end of April.

Lotos Group is engaged in the exploration and production of crude oil, its processing and wholesale and retail sale of high quality petroleum products. The capital group, in addition to the Lotos Group, which manages the refinery in Gdansk, it consists of 15 companies. One of them has its office in Lithuania, another in Norway. Through Lotos Petrobaltic and Lotos Exploration and Production Norge company conducts exploration and production in the operation of oil deposits Baltic Sea and in the Norwegian Continental Shelf.