Locked content Pekao net profit beats expectations

WSE-listed Pekao, posted PLN 349.7 million attributable net profit in Q1 2017, down 29 percent q/q but still above the consensus expectations for PLN 327.1 million. Revenue from interests inched up by 0.2 percent q/q to PLN 1.11 billion, while earnings from fees and commissions, dropped by 6.4 perce...

EBRD upholds GDP forecasts for Poland

The European Bank for Reconstruction and Development (EBRD) has maintained its forecast of 3.2 percent Polish GDP growth for 2017 and 2018. “While the tightening labor market will likely continue putting pressure on wages, thus providing a further boost to consumption, the positive impact of the chi...

Locked content Kongsberg Automotive to build PLN 150 mln plant

Polish subsidiary of Norwegian car parts producer Kongsberg Automotive will build a PLN 150 million factory in Brześć Kujawski, the company said in a market filing. The facility will employ 1,000 people. “We’ve made the decision to build a new plant in Poland due to the significant growth momentum w...

Locked content Number of Poles willing to work in the UK on the rise – report

According to a survey conducted by HR consultancy Work Service, 19 percent of Poles planning to move abroad to work, would move to the UK. This figure is higher by 5 percent from the last such poll conducted in November last year. “The UK has once again become the top destination among Poles looking...

Locked content Tauron looking for another investor for Jaworzno plant

WSE-listed power group Tauron will seek another, third investor for its planned construction of 910 MW coal-powered block in Jaworzno. At the same time, the company continues talks with state-run investment fund PFR about its participation in the scheme financing. “We don’t want to limit ourse...

Locked content Tauron with PLN 640 mln net Q1 net profit

WSE-listed power group Tauron posted PLN 640.54 million net profit, up from PLN 323.8 million y/y, and in line with the preliminary results. EBITDA stood at PLN 1.18 billion (PLN 873 million in 2016), while revenues amounted to PLN 4.59 billion, up from PLN 4.56 billion the year before. The net prof...

Locked content PGG not interested in IPO at this moment – CEO

State-owned coal producer Polska Grupa Górnicza (PGG) is focusing to optimize its operations, and is postponing IPO for a later date, company’s CEO Tomasz Rogala said. “IPO is in the plans, however we’re focusing on other things at this moment. Floating on the WSE will be the next step,”...

Locked content Poland under scrutiny at the UN

Poland came under scrutiny at the hearing at the United Nation’s Human Rights Council in Geneva, where countries reviewed its record on rights, the rule of law and democracy. A number of nations, including the US, and nine EU member states voiced their concerns on recent judiciary and media bills, a...

Locked content WSE suspends Fenghua and Reinhold trading

The Warsaw Stock Exchange has suspended the trading of Fenghua and Reinhold shares, until both companies release their financial statements for 2015 and 2016, the bourse said in a market filing. Fenghua is a Chinese manufacturer of shoe soles, and had its trading suspended back in 2015, after failin...