Cyfrowy Polsat doubles its profit, beating forecasts

Cyfrowy Polsat, a Polish media group, reported a 106% increase in net profit to 248.9 millions zlotys (60.35millions) for the third quarter compared with a year ago, as depreciation costs and amortization costs decreased and finance costs were lower, according to Polsat.

The analysts polled expected the third quarter profit to be 213 million zlotys.

Retail and energy revenues helped boost the revenue of one of Poland's biggest media conglomerates by 4%, to 3,58 billion zlotys.

The company entered the green sector in 2023 and is actively working to develop clean energy. It plans to invest around 5 billion zlotys between 2022-2026 in order for it expand its clean energy production through photovoltaics and biomass, as well as onshore wind farms and thermal waste treatment.

The Group's installed wind farm capacity increased by up to 32%.

The group generated 300.6GWh of energy from renewable sources in the third quarter. This is a 57.1% increase year-on-year, with wind power playing a major role.

(source: Reuters)