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PGNiG Q1 profit climbs YOY

PGNiG SA said its first-quarter normalized net income was 17 groszy per share, compared with the S&P Capital IQ consensus estimate of 17 groszy per share.

EPS climbed year over year from 16 groszy.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 992.8 million zlotys, a gain from 951.0 million zlotys in the year-earlier period.

The normalized profit margin dropped to 7.9% from 10.0% in the year-earlier period.

Total revenue climbed 31.0% year over year to 12.49 billion zlotys from 9.54 billion zlotys, and total operating expenses climbed 34.6% year over year to 10.81 billion zlotys from 8.03 billion zlotys.

Reported net income increased 5.2% year over year to 1.24 billion zlotys, or 21 groszy per share, from 1.18 billion zlotys, or 20 groszy per share.

As of May 8, US$1 was equivalent to 3.61 zlotys.