AMT:Polish PGNiG 1Q Net Profit Up 2.8% On Year; Above Consensus
WARSAW -(Dow Jones)- Polish natural gas monopoly Polskie Gornictwo Naftowe i Gazownictwo SA (PGN.WA) Thursday reported a 2.8% rise in first-quarter net profit, on higher volumes even as the regulated price at which it sells gas fell and the price of imported gas rose.
The state-controlled company's quarterly net profit rose to 1.02 billion zlotys ($372 million), significantly above the PLN748 million forecast in a Dow Jones Newswires survey of six analysts.
Its sales edged up 6% to PLN7.05 billion, thanks to higher volumes of gas sold as well as the higher price of crude oil, which it extracts. Analysts were expecting sales of PLN7.16 billion.
-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431; marynia.kruk@dowjones.com
