Locked content Bank Handlowy with PLN 130 mln net profit in Q4

WSE-listed Polish unit of Citigroup, Bank Handlowy had PLN 130.3 million net profit (10.2 percent y/y growth), beating slightly the PLN 127.8 million consensus, according to lender’s preliminary financial report. Considerable cost cutting and below expectation loan loss provisioning helped Han...

Locked content KNF suspends Calatrava Capital trading

Polish Financial Supervision Authority (KNF) has suspended indefinitely trading of the Calatrava Capital shares on the Warsaw Stock Exchange and fined the company with PLN 700,000. The company had failed to publish accurate financial statements between 2012-2015. KNF explained that the fine is sever...

Locked content Tauron estimates PLN 102 mln net profit in Q4

WSE-listed power group Tauron had PLN 102 million net profit and PLN 882 million EBITDA and PLN 4.5 billion in revenues in Q4 2016, the company said in preliminary financial results. For the whole 2016, the company revenue stood at PLN 17.6 billion, PLN 378 million net profit and PLN 3.3 billion EBI...

Locked content Government delays nuclear power plant project

Polish government will not make any decisions regarding building a nuclear plant right now, deputy PM Mateusz Morawiecki announced at the press conference. “It’s not a right moment to decide whether to build it or not. We will make such decisions in coming months or quarter,” Morawiecki said. ...

Locked content Polish government adopts Strategy for Responsible Growth

Polish government approved the economic plan to invest over PLN 2 trillion into the economy by 2020. The Strategy for Responsible Growth will be funded from public and EU funds (PLN 1.5 trillion) as well as private capital (PLN 600 billion) and is aimed to boost the country’s savings and inves...

GDP growth at 2.7 percent in Q4 – flash estimate

Poland’s gross domestic product grew by 2.7 percent year-on-year in the fourth quarter of 2016, according to a flash estimate published by the Central Statistical Office (GUS). The quarter-to-quarter growth was at 1.7 percent.

Locked content KGHM with $1.242 bln in impairments against foreign assets

WSE-listed silver and copper producer KGHM will write $1.242 billion in impairments including tax impact against foreign assets, including $1.03 billion for its Chilean mining operations in Sierra Gorda, the firm said in a market filing. Besides the Chilean copper mine, the impairments include, comp...

Locked content OFE pension funds to be dissolved in 2018 – Morawiecki

Deputy PM Mateusz Morawiecki said that Poland will implement its planned restructuring of OFE pension funds in 2018, effectively dissolving them. Under the plan announced back in 2016 by the ruling Law and Justice (PiS) government, 25 percent of OFE assets will be transferred to the state-owned Demo...