PGNiG Says Sees Q2 Loss on Write-downs

Poland's largest gas distributor PGNiG expects to have booked a net loss of 120 million zlotys ($30.2 million) in the second quarter due to a 680 million zlotys write-down on its exploration assets, the group said on Tuesday.

 

Reporting preliminary data, PGNiG added it saw its second-quarter revenue at 6.37 billion zlotys, unchanged compared to a year-ago period. The company booked a net profit of 560 million zlotys, excluding write-downs, in the second quarter of 2015.

 

PGNiG, which is set to publish its official results on August 12, expects its second-quarter operating profit at 70 million zlotys compared to 750 million a year earlier, while core profit EBITDA at 740 million, down about 50 percent year-on-year.


($1 = 3.9676 zlotys)

(Reporting by Adrian Krajewski)