PGE results below expectations

PGE, the biggest Polish power utility, generated a consolidated net profit of PLN 387 million in the third quarter of 2014. Analysts surveyed by the Polish Press Agency expected the profit to be PLN 744 million. PGE’s net profit declined by 65 percent year-on-year. The group’s operating profit came in at PLN 930 million in Q3, in line with market consensus. It was 30 percent lower than in Q3 2013. Net sales revenue amounted to PLN 6.65 billion compared to an expected PLN 6.96 billion. It declined by 11.1 percent y/y.