PGNiG Q4 profit better than estimates

WSE-listed gas giant PGNiG Q4 net profit amounted to PLN 456 million compared with PLN 430 million forecasted initially. Still, the profit is down by 37 percent y/y. On the other hand, EBITDA increased to PLN 1.32 billion from the PLN 1.29 billion estimate, and 22.4 percent down y/y, while revenues matched the initial result at PLN 10.96 billion (8.1 percent y/y growth). For the whole 2017, PGNiG had PLN 2.9 billion net profit, up from PLN 2.35 billion in 2016, with revenues at PLN 35.86 billion (up from PLN 33.2 billion) and EBITDA at PLN 6.57 billion compared to PLN 5.97 billion in 2016.