Czech Unipetrol reiterates 2008 profit outlook

PRAGUE, May 15 (Reuters) - Czech oil processing group Unipetrol (UNPEsp.PR: Quote, Profile, Research, Stock Buzz) reiterated its 2008 profit outlook on Thursday despite forecasting a tough market environment, Chief Executive Francois Vleugels said on Thursday.

The company targets flat earnings before interest and tax (EBIT) of 4.8 billion crowns ($297.6 million). It had said the forecast was conservative.

"We still expect to achieve the guidance but we will have to work hard," Vleugels told a news conference. "We see a continuous challenging environment but still expect to achieve the figure this year."

The firm posted a worse-than-expected 405.7 million crown ($25.15 million) net profit for the first quarter earlier on Thursday [ID:nL15872502] and forecast adverse market conditions would affect performance in the coming quarters. (Reporting by Jan Korselt; Writing by Jan Lopatka; Editing by David Holmes)