PGNiG remains optimistic despite disappointing Q3

"This quarter's results were adjusted due to the introduction of the International Financial Reporting Standards (IFRS). Despite this, we are expecting this year's results will not be worse than those we posted last year," said PGNiG deputy president, Paweł Kamiński. For the whole of 2004 the company's net profit amounted to zł.798 million according to IFRS. The company generated a net profit of zł.598 million during the first nine months of this year, which marks growth of 29% over 2004. "The results are decent and satisfying. I am optimistic about the fourth quarter due to the planned increase in sales," said Marek Kossowski, PGNiG's president. However, it is uncertain whether the current management board will be the one announcing the company's full year results, as a general shareholders meeting is planned for December, and is to decide on the composition of the board. (Puls Biznesu, p. 9) A.K.