PGNiG profitable next year

Alan Heath
17-05-2001, 00:00

PGNiG profitable next year

Fuel concern PGNiG has no reason to be happy. Its net losses last year increased from PLN162.1m to PLN415.6m. Despite this it is planning a PLN391m profit next year even though this year PLN188m in losses is forecast.

Despite the poor form Standard & Poor's has given the company a good rating just ahead of a EUR450m eurobond issue which is planned for the autumn. The treasury is now considering the details of the plan.

PGNiG expects that it will see a sales increase of five percent in 2001-2003. At the same time the company plans to invest PLN3.5bn, 80 percent of which will be in gas.

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