* Tauron's Q4 net profit fell by 23 pct to $60 mln
* Q4 results hit by one-offs, higher costs
(Adds more details, background)
WARSAW Mar 15 Poland's No.2 utility Tauron
on Friday reported an unexpected 23 percent fall in
fourth quarter net profit due to provisions related to employee
costs as well as higher labour costs.
The group's net profit fell to 192 million zlotys ($59.98
million) in the fourth quarter. Analysts had expected it to
increase by 36 percent to 307 million following the acquisition
of power distributor GZE from Sweden's Vattenfall in
"Had it not been for the one-offs, the results would be
higher than expected and confirm a very high cash flow. Now the
key questions regard outlook for 2013 and the dividend," Kamil
Kliszcz, analyst at DI BRE, said.
Tauron paid a dividend of 0.31 zlotys per share from 2011
PGE, Tauron's rival and the country's biggest
utility, on Thursday also reported a fourth-quarter net loss,
reflecting the impact of impairment charges and difficult market
Shares in Tauron have fallen 11 percent this year compared
with a 3 percent drop in Warsaw's main index.
($1 = 3.2012 Polish zlotys)
(Reporting by Agnieszka Barteczko. Editing by Jane Merriman)