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March 22, 2010

PGNiG Records 2009 Profit Rise

Polish gas monopoly PGNiG has posted a 39% increase in net profits last year due to lower import prices in the last quarter of the year. PGNiG earned Pln1.2 billion ($421.5m) in 2009, beating analyst forecasts of Pln843m polled by Reuters. For the fourth quarter of 2009, t

By cms admin

Polish gas monopoly PGNiG has posted a 39% increase in net profits last year due to lower import prices in the last quarter of the year.

PGNiG earned Pln1.2 billion ($421.5m) in 2009, beating analyst forecasts of Pln843m polled by Reuters.

For the fourth quarter of 2009, the company earned an estimated Pln1.25 billion.

The state-controlled company expects to extract 4.3 billion cubic metres of gas annually in 2010 and 2011 compared with 4.1 billion last year.

The rise in net profit has been attributed to lower import prices and strong demand due to colder weather in the fourth quarter, reports Reuters.

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