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Poland : Another quarter of PGNiG Group's improved financial performance on high crude output

August 16, 2014

In the first six months of 2014, the PGNiG Group earned over PLN 1.5bn in net profit, up 6% year on year, with high crude oil output and mild winter as the key contributors. The financial performance was also affected by impairment loss recognised on the Group's exploration assets.

In the period, the Group reported revenue of just under PLN 16.4bn, down 2% from PLN 16.7bn in H1 2013. Revenue fell by slightly over PLN 1bn on slower gas sales caused by the warm winter, with the decline moderately offset by the rising revenues from crude oil and electricity sales.

The Group's EBITDA, affected by an impairment loss of approximately PLN 500m, grew by 4%, to approximately PLN 3.5bn (PLN 3.3bn in H1 2013). On an adjusted basis (net of impairment losses), EBITDA increased 21% in H1 2014, to almost PLN 4bn. With a 55% share, the Exploration and Production segment was the largest contributor to the Group's net profit, followed by Distribution with a 32% share, and the Trade & Storage and Generation segments, accounting for 5% and 8% of the total, respectively.

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Source: TendersInfo (India)

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