Companies & Finance

PGNiG’s profits drop 37% in Q4 2017

Polish state-owned oil and gas company PGNiG has reported a drop of 37% in its Q4 2017 net profits.
By Staff reporter 14 March 2018 0 29994

Polish state-owned oil and gas company PGNiG has reported a drop of 37% in its Q4 2017 net profits.

The company made PLN 456 million ($134 million) during the quarter, down from PLN 721 million a year earlier.

The company reported heavy impairment losses in its exploration and production segment as well as gas inventory write-downs in its trade and storage business.

Despite this, PGNiG’s full-year profit for 2017 was PLN 2.92 billion, 24% higher than the PLN 2.3 billion the company made in 2016.

PGNiG...