Polish gas monopoly PGNiG PGNI.WA missed forecasts with a 41 percent drop in third-quarter earnings due to a rise in the costs of gas imported from Russia
Polish gas monopoly PGNiG PGNI.WA missed forecasts with a 41 percent drop in third-quarter earnings due to a rise in the costs of gas imported from Russia.
Net profit at the state-controlled company totalled 179 million zlotys ($60.3 million), short of the 204 million average forecast given in a Reuters poll of analysts.
PGNiG, which buys in from abroad nearly two thirds of its gas, has been unable to pass on higher imported costs to consumers due to regulatory price caps.
The gas that PGNiG buys, mainly from Russia, tracks crude oil CLc1 prices with a roughly nine-month delay.
An earlier increase in regulatory prices in April helped lift PGNiG's revenue by 17 percent to 3.65 billion zlotys, a touch above forecast, but was insufficient to boost profits.
The regulator has allowed PGNiG to increase gas prices for its customers twice this year, by 14.3 percent in mid-April and by another 11 percent as of Nov 1.
Author:
Jo Amey
