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30 Jul 2018, Gergana Bencheva, EMIS Editor

Poland’s PGNiG sees net profit rise to PLN 2.27bn in H1 2018

Polish gas major PGNiG saw its net profit rise to PLN 2.27 billion for the first half of 2018 from PLN 2.09 billion a year earlier, Poland AM reported citing preliminary data revealed by the company. For the second quarter of the year alone, net profit jumped by 40.9% on an annual basis to PLN 703 million.

Between April and June 2018, PGNiG’s EBITDA rose to PLN 1.62 billion from PLN 1.4 billion a year earlier and operating profit reached PLN 970 million, up from PLN 768 million booked in April-June 2017.

The group explained that its financial results for the second quarter the year were negatively affected by PLN 132 million in impairments on boreholes. However, durable assets were boosted with PLN 72 million in reversed impairments, Poland AM added.

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