Alexa

Polish oil and gas monopoly PGNiG posts fourth-quarter net loss

Polish oil and gas monopoly PGNiG posts fourth-quarter net loss

Poland's oil and natural gas monopoly, PGNiG, said Thursday that it made a net loss in the fourth quarter after a revaluation of its gas distribution assets, although sales rose by 19 percent.
Polskie Gornictwo Naftowe i Gazownictwo SA said it lost 164.4 million zlotys (US$70.3 million; euro46.6 million) in the October-December period. That contrasted with a net profit of 462.7 million zlotys a year earlier.
Fourth-quarter sales rose 19.2 percent to 5.05 billion zlotys (US$2.3 billion; euro1.6 billion), beating the 4.91 billion zlotys (US$2 billion; euro1.4 billion) forecast of analysts surveyed by Dow Jones Newswires.
PGNiG said its earnings were hit by a 1.38 billion zloty (US$589.5 million; euro391.2 million) writedown related to revaluation of the company's gas distribution assets. That led to an operating loss of 450.6 million zlotys (US$192.5 million; euro127.7 million).
The company's gas distribution segment posted a full-year operating loss, but PGNiG's domestic oil and gas production and mining segment saw operating profit rise by 25 percent.


Updated : 2021-04-18 11:45 GMT+08:00