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PGNiG profit misses consensus by 57.2% in Q3

PGNiG SA said its normalized net income for the third quarter came to 5 groszy per share, compared with the S&P Capital IQ consensus estimate of 12 groszy per share.

EPS fell 39.8% year over year from 9 groszy.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 299.0 million zlotys, a decline of 40.6% from 503.8 million zlotys in the prior-year period.

The normalized profit margin fell to 4.7% from 7.8% in the year-earlier period.

Total revenue decreased on an annual basis to 6.30 billion zlotys from 6.44 billion zlotys, and total operating expenses increased year over year to 5.68 billion zlotys from 5.52 billion zlotys.

Reported net income fell 52.8% on an annual basis to 291.0 million zlotys, or 5 groszy per share, from 616.0 million zlotys, or 10 groszy per share.

As of Nov. 6, US$1 was equivalent to 3.96 zlotys.