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PGNiG Q2 profit climbs 78.0% YOY

PGNiG SA said its normalized net income for the second quarter amounted to 11 groszy per share, compared with the S&P Capital IQ consensus estimate of 11 groszy per share.

EPS increased 77.6% year over year from 6 groszy.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 600.6 million zlotys, an increase of 78.0% from 337.4 million zlotys in the year-earlier period.

The normalized profit margin rose to 7.6% from 4.9% in the year-earlier period.

Total revenue rose 15.3% year over year to 7.89 billion zlotys from 6.85 billion zlotys, and total operating expenses climbed 11.4% year over year to 6.95 billion zlotys from 6.24 billion zlotys.

Reported net income grew 83.7% from the prior-year period to 621.0 million zlotys, or 11 groszy per share, from 338.0 million zlotys, or 6 groszy per share.

As of Aug. 14, US$1 was equivalent to 3.76 zlotys.