PGE with higher profit

Poland’s largest power utility PGE generated a consolidated net profit of PLN 1.71 billion in the second quarter of 2014, 33 percent higher than in the corresponding period. Analysts poled by the Polish Press Agency had expected it to be PLN 1.6 billion The company’s operating profit amounted to PLN 2.15 billion in Q2. It was 33 percent higher than in Q2 2013 and 8.3 percent higher than market consensus, which saw it at PLN 2 billion. PGE’s consolidated revenue in the second quarter amounted to PLN 7.28 billion and declined by 0.1 percent year-on-year. Analysts expected revenue of PLN 6.72 billion.