PGNiG gas monopoly may have lower income than last year

APA - Austria Presse Agentur
04-10-2005, 13:58

Warsaw (Puls Biznesu) – It will be difficult for PGNiG, the Polish listed gas monopoly, to improve last year’s record net income of PLN 1.11 billion (EUR 283.1m). The company forecast it may have equal result. It did not publish detailed forecasts. The market was not surprised but shares fell 1.2 percent to PLN 3.95.

Warsaw (Puls Biznesu) – It will be difficult for PGNiG, the Polish listed gas monopoly, to improve last year’s record net income of PLN 1.11 billion (EUR 283.1m). The company forecast it may have equal result. It did not publish detailed forecasts. The market was not surprised but shares fell 1.2 percent to PLN 3.95. In the first two quarters, PGNiG, which has recently had its IPO, had PLN 470.3m of net income against PLN 413m in the same period of last year.

On September 12th, PGNiG’s management received the permission from the energy authorities URE to increase its fee by 7.5 percent starting on October 1st. Meanwhile, the company warned that this increase may not compensate higher gas imports costs. Company’s profitability in the fourth quarter of 2005 may be lower. The situation causes the risk that the net income at the end of this year will be at the level of last year’s income or will be a little bit lower, PGNiG wrote in its announcement. The gas monopoly said it might ask URE for approval to raise prices on 1st January 2006.

(PLN 1 = EUR 0.255)

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Podpis: APA - Austria Presse Agentur

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