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PGNiG's Q2 net profit plunges 65% despite better revenue

Poland's Polskie Górnictwo Naftowe i Gazownictwo SA, or PGNiG, on Aug. 22 reported a net profit of 248 million Polish zlotys for the second quarter, down 65% from 704 million zlotys a year ago.

Revenue for the quarter totaled 8.28 billion zlotys, up 8% from 7.64 billion zlotys in the prior-year period. The trade and storage segment was the major contributor at 6.18 billion zlotys, topping 5.56 billion zlotys from a year earlier.

EBITDA amounted to 961 million zlotys during the quarter, dropping 41% from 1.63 billion zlotys in the prior-year period.

The company produced 290,000 tonnes of crude oil and condensate in the quarter, sliding from 324,000 tonnes a year ago.

Natural gas production reached 1.04 billion cubic meters for the quarter, down from 1.07 billion cubic meters in the prior-year period.

PGNiG also generated 744 GWh of electricity during the quarter, increasing from 598 GWh a year earlier.

The company spent 2.04 billion zlotys in capital expenditures during the first half of the year.

As of Aug. 21, US$1 was equivalent to 3.92 Polish zlotys.