PGE confirms Q3 profit

WSE-listed, state-controlled power utility PGE confirmed its previous estimates of PLN 1.46 billion net profit in Q3. The result is 123 percent better than last years'. EBITDA was likewise confirmed at PLN 2.66 billion, up by 62.1 percent y/y. The result was boosted by a one-off set of stranded cost compensations, which boosted the result by some PLN 1.14 billion. Revenues declined by 11.9 percent to PLN 6.07 billion. In Q1-Q3 2017, the company had PLN 2.96 billion of consolidated net profit compared to PLN 1.22 billion profit a year earlier, with sales revenue of PLN 16.69 billion compared to PLN 20.59 billion a year earlier. “The largest segment of the EBITDA of the PGE Group after the first three quarters of 2017 was the conventional energy segment, which amounted to PLN 3.4 billion, with the distribution segment reporting PLN1.8 billion,” the company wrote in its financial report.