PGE with Q4 loss. PLN 2.64 bln profit for 2017

WSE-listed, state-controlled power utility PGE had a PLN 2.64 billion net profit in 2017, according to the company’s preliminary results. In Q4 alone, PGE had PLN 319 million loss. EBITDA amounted to PLN 7.6 billion last year, while in Q4 it stood at PLN 1.49 billion, down by 42 percent y/y due to a number of write-offs. PGE generated 56.8 TWh of electricity last year and sold 40 TWh to end-users. Back in January PGE said it would book PLN 807 million in impairments on its conventional and renewable generation assets, while the impairments were not to impact reported EBITDA earnings.