STOCK IMPACT: Negative market reaction expected Lotos (48 PLN, -0,23%) IFRS consolidated net income came in at PLN 234m for 2Q07, down 15.8% y/y but up 317.6% q/q. The figure comes below consensus forecast of PLN 256.0m by 8.6% (according to Reuters) but exceeds our own estimate of PLN 217.0m by 7.8%. We expect to see negative market reaction.