PGE with PLN 1.37 bln net profit in Q4. Plans to sell Exatel in Q2

WSE-listed state-owned power utility PGE posted PLN 1.336 billion attributable net profit in Q4 and PLN 2.57 billion for the whole 2016 financial year. Slight increase over the preliminary results released earlier. Revenue stood at PLN 7.52 billion in Q4 and PLN 28.09 billion for the whole year, representing a 2 percent growth and a 1.6 percent decline respectively. EBITDA was at PLN 2.59 billion in Q4 (29.6 percent growth y/y) and PLN 7.37 billion in 2016 (a 10.4 percent drop y/y) Company's CEO also said, that he hopes that the talks regarding the sale of PGE's telecom unit Exatel to PGZ will be “finalized by the end of Q2 at the latest.” In May 2016 PGE signed a letter of intent on selling Exatel to PGZ arms producer. Exatel manages a telecom network of 20,000 kilometers. Its valued at some PLN 450 million.