PGE smashes profit expectations
Poland’s biggest utility, PGE, posted a PLN 354.7 million net profit in Q4 2013, much better than the market consensus of PLN 136 million. In Q4 2012, the company had a loss of PLN 321.1 million.
As for 2014 outlook, PGE expects its EBITDA to hold flat in the distribution segment, but a decline in conventional generation and in the retail and wholesale segments, while the renewables segment is expected to post a higher EBITDA, the firm said in a presentation.
Overall, in the whole 2013, PGE had PLN 4.12 billion net profit and PLN 5.06 billion EBIT, with PLN 30 billion revenue from sales.
