Polish oil giant Lotos surprised analysts by announcing drastically higher profit figures in the fourth quarter of 2011 than had been anticipated. Rather than the predicted PLN 27m, Lotos pumped its profits up to an impressive PLN 93.7m. While it’s welcome news for the company, the number still pales when placed next to its 2010 QIV result of PLN 251.5m. Revenue numbers for the final quarter of the year also went beyond the hopes of analysts, reaching PLN 8.36bn in the fourth quarter. Analysts had projected operating income of PLN 217.3m, so the result of PLN 190.2m may be something of a disappointment. Lotos’s results have suffered thanks to a lower valuation of its Norwegian assets, where it’s emerged that oil extraction from a North Sea deposit won’t begin by the end of 2012, as originally planned.
