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UPDATE 1-Poland's PGNiG Q3 net profit rises 3 pct but misses forecasts
November 13, 2017 / 7:50 AM / 5 days ago

UPDATE 1-Poland's PGNiG Q3 net profit rises 3 pct but misses forecasts

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WARSAW, Nov 13 (Reuters) - Poland’s dominant gas utility PGNiG on Monday reported a 3 percent rise in third-quarter net profit to 367 million zlotys ($101.14 million) helped by higher oil prices and gas sales but fell short of expectations.

A result of 446 million zlotys was expected on average by analysts in a Reuters survey, although forecasts ranged from 308 million to 800 million zlotys.

Analysts varied in their assumptions on what price PGNiG paid for gas from Russian supplier Gazprom.

“The gas sales margin could have been smaller than expected. I’d expect a slightly negative market reaction,” said Beata Szparaga-Wasniewska, deputy head of research at Vestor DM, who had expected a net profit of 414 million.

Core earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 5 percent despite a 7 percent rise in sales to 6.08 billion zlotys.

PGNiG’s gas imports rose to 3.49 billion cubic metres (bcm) from 3.02 bcm a year earlier although it bought less gas from Gazprom as it took more gas from Western sellers.

$1 = 3.6285 zlotys Reporting by Agnieszka Barteczko; editing by Christian Schmollinger and Jason Neely

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